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  • Wells Fargo Offering Refunds Nationwide for Improper Mortgage Fees

    ProPublica- In a scandal that extended wider than was previously known, Wells Fargo said it would offer refunds to tens of thousands of customers who were improperly charged fees on home mortgages. ProPublica first reported earlier this year that the bank was chiseling customers by making them pay to extend interest rates on loans even when the delays were […]

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  • JP Morgan-Chase paid its billions in fines for mortgage fraud by committing billions in mortgage fraud

    Boing Boing- A lawsuit against JP Morgan-Chase — the nation’s largest bank — asserts that the institution paid off the $4,200,000,000 in mortgage forgiveness that it agreed to as a settlement for widescale mortgage and foreclosure fraud by committing a lot more mortgage fraud, in which homeowners, ethical lenders, and American cities were stuck with the bill. […]

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  • Behind JPMorgan Chase’s Bait-and-Switch

    According to lawsuits filed by investor Larry Schneider, the bank sold him thousands of mortgages—then changed the terms of the deal. THE NATION- Today we published a story about how JPMorgan Chase used other people’s money to pay off penalties assessed for the mortgage-related fraud that contributed to the 2008 financial crisis. The bank forgave numerous loans […]

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  • Special Investigation: How America’s Biggest Bank Paid Its Fine for the 2008 Mortgage Crisis—With Phony Mortgages!

    Alleged fraud put JPMorgan Chase hundreds of millions of dollars ahead; ordinary homeowners, not so much. The Nation- You know the old joke: How do you make a killing on Wall Street and never risk a loss? Easy—use other people’s money. Jamie Dimon and his underlings at JPMorgan Chase have perfected this dark art at […]

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  • Nevada Supreme Court Rules HOA Super-Priority Liens Can Be Revived after Release

    Lexology- Homeowners’ associations have a more robust tool for forcing mortgage lenders to pay delinquent assessments following a September 14 decision by the Nevada Supreme Court. Nevada HOAs have enjoyed a super-priority lien under NRS 116.3116 for nine months of unpaid assessments preceding institution of foreclosure proceedings, in addition to certain charges for maintenance and […]

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  • Exclusive: U.S. mulls further Wells Fargo sanction over sales abuses – source

    Reuters-  The main regulator for Wells Fargo & Co (WFC.N) is considering whether to sanction the U.S. bank over improperly charging customers for car insurance and mortgage loans, according to a source familiar with the matter. The Office of the Comptroller of the Currency (OCC) has for weeks debated how to take action on the […]

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  • Nomura, RBS lose bid to overturn $839 million mortgage bond award

    REUTERS- Nomura Holdings Inc (8604.T) and Royal Bank of Scotland Group Plc (RBS.L) lost a U.S. court appeal on Thursday to overturn an order requiring them to pay $839 million for making false statements while selling mortgage-backed securities to Fannie Mae (FNMA.PK) and Freddie Mac(FMCC.PK). The two banks had challenged the 2015 award on multiple […]

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  • JPMorgan Ordered to Pay More Than $4 Billion to Widow and Family

    Bloomberg- JPMorgan Chase & Co. was ordered by a Dallas jury to pay more than $4 billion in damages for mishandling the estate of a former American Airlines executive, but the verdict will probably be knocked down on appeal. Jo Hopper and two stepchildren won the probate court verdict over claims that JPMorgan mismanaged the administration of […]

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  • ‘Hero’ Judge Urged by Homeowners to Nix $45 Million BofA Penalty

    BLOOMBERG- A California couple who were dragged through a Bank of America Corp. foreclosure called “brazen” and “heartless” by a bankruptcy judge have joined the lender’s request to be spared from a $45 million punishment. U.S. Bankruptcy Judge Christopher Klein in Sacramento, hailed as a “hero judge” by Money magazine for coming down so hard on the […]

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  • Lehman Brothers Announces Settlement to Resolve Massive RMBS Claims; Estimation Hearing Slated for Later This Year

    Lexology- For over eight years, In re Lehman Bros., No. 08-13555-scc (Bankr. S.D.N.Y.), has been one of the most active, complex bankruptcy dockets in the country. A large portion of the remaining contested matters in that case are claims by trustees for residential mortgage backed securities (RMBS), who continue to pursue claims against the Lehman estate […]

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  • Opinion: Wall Street’s newest regulator is itself

    Market Watch- The Commodity Futures Trading Commission has found a solution to its problem of chronic underfunding — it will let the industry do the investigating. That’s not an overstatement. The head of the CFTC’s enforcement division will lay that framework out in a speech on Monday night, according to a draft received by the New […]

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  • Jamie Dimon Says the Whole Bitcoin Craze Will ‘End Badly’

    Fortune- Even as Bitcoin fans attack the J.P. Morgan CEO for his views on the cryptocurrency, Jamie Dimon is doubling down once again on his call that Bitcoin is a “fraud.” In a CNBC interview Friday, Dimon labeled Bitcoin a “novelty” with no real value.  “Right now these crypto things are kind of a novelty. People think […]

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  • Jamie Dimon is being accused of market abuse in Sweden for badmouthing bitcoin

    Quartz- Remember when Jamie Dimon called bitcoin “a fraud” a week ago? Well, it turns out that the JPMorgan chief executive could have been flouting European market abuse laws by shooting his mouth off. At least, that’s what one complaint to the Swedish financial regulator alleges. The complaint was lodged by Florian Schweitzer, the managing […]

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  • U.S. watchdog settled for small fine over Wells Fargo phony accounts: report

    Reuters- A consumer watchdog agency could have levied $10 billion in penalties against Wells Fargo & Co last year for opening unauthorized customer accounts, but settled for a fraction of that to resolve the matter quickly, according to regulatory documents released on Tuesday. The documents, unveiled as part of a report written by congressional Republicans, […]

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  • JPMorgan Helps Clients Buy Bitcoin Despite CEO Calling Bitcoin ‘a Fraud’

    Fortune- JPMorgan Chase has been routing customer orders for bitcoin -related instruments, a spokesman said on Monday, despite the bank’s chief executive’s calling the crypto currency “a fraud.” Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the crypto currency. […]

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  • Obama Goes From White House to Wall Street in Less Than One Year

    Bloomberg- Last month, just before her book “What Happened” was published, Barack Obama spoke in New York to clients of Northern Trust Corp. for about $400,000, a person familiar with his appearance said. Last week, he reminisced about the White House for Carlyle Group LP, one of the world’s biggest private equity firms, according to two people who […]

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  • Bankers Haven’t Gone to Jail Because They Are Innocent…Of Crimes?!

    Richard M Bowen- Astounding! Or so states the editorial board of the Wall Street Journal. Author and journalist William D. Cohan notes in a recent article that the WSJ op-ed asserted that bankers and traders didn’t go to jail for their bad behavior in the years leading up to the financial crisis “because they haven’t committed any crimes.” […]

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  • Jamie Dimon Slams Bitcoin as a ‘Fraud’

    Bloomberg- JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.”  The cryptocurrency “won’t end well,” he told an investor conference in New York on Tuesday, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs.” If a JPMorgan trader began trading in […]

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  • After the Crash, Big Banks Got Bailouts. Abacus Faced Charges.

    FRONTLINE PBS- It’s a little-known chapter from the worst financial crisis since the Great Depression: In 2009, shortly after the housing market crashed and the markets melted down, the owners of a small community bank in New York City’s Chinatown discovered fraud within their loan department. The bank’s owners, the Chinese-American Sung family, fired a loan officer […]

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  • Jamie Dimon ventures beyond Wall Street to have a say in Washington

    Reuters- JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon is starting to look like Corporate America’s shadow president. The 61-year-old banker has made more than a dozen trips to Washington so far this year to press a broad agenda with a range of influential policymakers, people who attended the meetings or are familiar with […]

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  • Ocwen fined $1 million for force-placed insurance issues

    HW- Ocwen Financial will pay a fine of $1 million for running afoul of the terms of the National Mortgage Settlement by not properly refunding force-placed insurance premiums to certain borrowers during the first quarter of 2017. The fine, which was first reported by Law 360, stems from Ocwen failing one of the National Mortgage Settlement’s servicing […]

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  • JAMIE DIMON’S $13 BILLION SECRET—REVEALED

    Vanity Fair- Four years ago, JPMorgan Chase reached a then-record settlement with the Department of Justice after, among other things, the bank received a copy of a U.S. attorney’s draft complaint documenting its alleged role in underwriting fraudulent securities in the years leading up to the 2008 financial crisis. Following the bank’s $13 billion financial […]

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  • Fired Wells Fargo Managers Sue Over Sales Scandal

    Morning Star- Two former managers have sued Wells Fargo & Co., claiming they were unfairly fired over the bank’s sales-practices issues. Reza Razzaghipour and Marla Razzaghipour claimed their dismissals were retaliation for them raising issues with senior managers about the questionable sales practices, such as falsification of bank records, according to a lawsuit filed Aug. […]

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  • Richard Cordray could step down soon, leaving the Consumer Financial Protection Bureau in limbo

    LA Times- The Republican push to oust Richard Cordray as director of the Consumer Financial Protection Bureau soon might get a boost from an unexpected source: Cordray himself. Cordray’s term as the bureau’s first and only director doesn’t expire until next summer. But there is widespread speculation that he will run for the Democratic nomination for governor of his […]

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  • Republicans Want to Sideline This Regulator. But It May Be Too Popular.

    NYT- WASHINGTON — With the election of President Trump, the nation’s consumer watchdog agency faced a quandary: how to shield the Obama-era institution from a Republican administration determined to loosen the federal government’s grip on business. In the weeks after the election, Richard Cordray, the Democrat who leads the agency, the Consumer Financial Protection Bureau, directed […]

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  • HSBC Must File New Foreclosure Action, NJ Judge Says

    LAW 360- A New Jersey court won’t rethink its refusal to extend a final judgment deadline for a mortgage foreclosure action by HSBC Bank USA, ruling Thursday that the bank, which repeatedly missed court deadlines throughout the five-year litigation, must refile a new action instead. Hudson County Chancery Judge Barry P. Sarkisian didn’t buy the […]

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  • Wells Fargo: There were nearly 70 percent more potentially fake accounts opened than originally thought

    CNBC- Wells Fargo & Co. said it uncovered nearly 70 percent more potentially unauthorized consumer and small-business accounts than originally thought after an independent investigation into a sales scandal that erupted last year. The disclosure on Thursday marks the conclusion of that investigation, the bank said. Earlier this month, Wells Fargo CEO Timothy Sloan warned his employees to […]

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  • Homeowner’s lawsuit says Wells Fargo charged improper mortgage fees

    Reuters- A homeowner has filed a lawsuit accusing Wells Fargo & Co (WFC.N) of improperly charging thousands of customers nationwide to lock in interest rates when their mortgage applications were delayed. Filed on Monday in San Francisco federal court, the lawsuit said Wells Fargo managers pressured employees to blame homeowners for the delays, sometimes by […]

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  • This multitrillion-dollar suit can’t go unnoticed

    NY POST- There was a major development in a lawsuit last week that every investor should know about — and worry about. But nobody is paying attention. A New York federal judge appointed three law firms to serve as lead counsels in a multitrillion-dollar litigation accusing Goldman Sachs, Barclays Capital and 18 other financial institutions […]

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  • Damning report finds state agencies wasted millions meant for struggling homeowners

    HW- A damning new report from a federal watchdog shows that 19 state housing finance agencies wasted millions of dollars that should have gone to struggling homeowners as part of the government’s Hardest Hit Fund program. The report, published Friday by the Office of the Special Inspector General for the Troubled Asset Relief Program, showed that […]

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  • Pension funds allege U.S. Bank negligent in $25 mln bond fraud

    REUTERS- Three municipal employee pension funds that invested $25 million in a now worthless bond offering have sued U.S. Bank for negligence, alleging that it released bond proceeds to a criminal enterprise that pocketed the money. Filed on Wednesday in a South Dakota federal court, the lawsuit said U.S. Bank, trustee for the bond offering, […]

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  • Eleventh Circuit Moves Toward Bright Line Rule That Debtors Cannot Retain Real Property Post- Discharge Without Reaffirming the Mortgage Debt

    Lexology- Last year, Burr & Forman lawyers won a decisive victory in the Eleventh Circuit, in the case of In re Failla, 838 F.3d 1170 (11th Cir. 2016). In Failla, the Eleventh Circuit held that a debtor who files a statement of intention to “surrender” his or her house in bankruptcy may not oppose the secured creditor’s […]

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  • CFPB investigates scandal-ridden Wells Fargo…again

    Housing Wire- Wells Fargo is under investigation once again as it seems that while the bank was opening fake accounts, it could have been closing real ones. The bank disclosed in a regulatory filing that the Consumer Financial Protection Bureau is looking into claims found on its database which state the bank closed customers accounts and left them […]

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  • SEC drops case against ex-JPMorgan traders over ‘London Whale’

    CNBC- The top U.S. securities regulator on Friday dropped its civil lawsuit accusing two former JPMorgan Chase traders of trying to hide some of the bank’s $6.2 billion of losses tied to the 2012 “London Whale” scandal. The decision by the U.S. Securities and Exchange Commission to dismiss charges against Javier Martin-Artajo and Julien Grout came four […]

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  • Deutsche Bank, Bank of America settle agency bond rigging lawsuits

    Reuters- Deutsche Bank AG and Bank of America Corp agreed to pay a combined $65.5 million to settle investor litigation accusing large banks of rigging the roughly $9 trillion government agency bond market over a decade. Preliminary settlements totaling $48.5 million for Deutsche Bank and $17 million for Bank of America were filed on Thursday […]

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  • Bank of America to Pay $6 Million to Bankrupt Couple Evicted From Home

    Fox Business- Bank of America Corp. has agreed to pay more than $6 million to a California couple whom a federal judge said had been harassed and illegally foreclosed upon by the bank’s mortgage unit, ending an eight-year-long dispute. The proposed settlement between the bank and Erik and Renee Sundquist would enable them “to end […]

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  • Citi Is 2nd Bank To Settle In OTC Libor Row, Will Pay $130M

    LAW360- Citigroup Inc. struck a $130 million deal Monday in New York federal court with investors who bought the bank’s financial products tied to the London Interbank Offered Rate, making it the second bank to settle with the investors over allegations the benchmark rate was manipulated. Citi and its Citibank NA subsidiary promised to shell […]

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  • The Fed Wants to Make Life Easier for Big-Bank Directors

    NYT- Amid reports Thursday that Stephen Sanger, chairman of the Wells Fargo board, may step down in the coming months, all eyes are on the bank’s directors and their oversight of the troubled institution. While some Wells Fargo shareholders are urging the bank’s directors to sharpen their scrutiny in the wake of continuing misconduct, it’s noteworthy that […]

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  • Wells Fargo chairman, two directors to step down amid continuing fallout from sham accounts scandal

    LA TIMES- Stephen Sanger, the chairman of Wells Fargo & Co., will step down from the board of the embattled bank effective Jan. 1 and will be replaced by former Federal Reserve official Elizabeth A. “Betsy” Duke, the bank announced Tuesday. Two other long-serving directors, Cynthia H. Milligan and Susan G. Swenson, also will retire at the […]

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  • JPMorgan Didn’t Tell Investors About Billing Problems, Lawsuit Says

    Fortune- JPMorgan Chase & Co. is among four banks sued by a trustee for investors in the debt of Millennium Health LLC, alleging the lenders failed to inform them of a probe into the billing practices of what was once the largest drug-testing laboratory in the U.S. In December 2014, just eight months after Millennium sold […]

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  • Grant & Eisenhofer Claims $7M In Fees Owed From FCA Deal

    Law 360- Grant & Eisenhofer PA sued Bienert Miller & Katzman PLC, Richard Harpootlian PA and an ex-client in California federal court Thursday, claiming that it is owed $7 million in fees plus a cut of a $280 million settlement reached in a qui tam False Claims Suit against Celgene Corp. G&E says the firms […]

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  • PHH to pay $74.5 million to resolve U.S. mortgage probes

    REUTERS- Mortgage company PHH Corp will pay nearly $74.5 million to resolve claims it generated defective loans that the federal government then insured and Fannie Mae and Freddie Mac bought, The U.S. Justice Department said on Tuesday. The deal with Mount Laurel, New Jersey-based PHH follows settlements between the Justice Department and financial companies over […]

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  • Attorney Linda Tirelli Defines Robo-Signing For Clueless Steven Mnuchin

    HuffingtonPost- It seemed like the Treasury Secretary doth protest a bit too much as a Shakespearean drama unfolded at a July 27th meeting of the House Financial Services Subcommittee. Steven Mnuchin, like some wayward damsel in distress, took deep umbrage at Representative Keith Ellison’s (D-MN) suggestion that he was anything but an honest, ethical banker; albeit one […]

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  • JP Morgan’s Jamie Dimon to Dodd-Frank defenders: Don’t hurt the public just to hurt our stock price

    Washington Examiner- JPMorgan Chase CEO Jamie Dimon issued a plea Tuesday to members of Congress opposed to changing the new federal rules on banks, asking them not to hurt the public interest out of opposition to big banks like his. “Do the right thing” regardless of the impact on banks’ share prices, he said in […]

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  • Wells Fargo’s latest legal issue involves credit card fees

    NY POST- Another day, another class-action lawsuit against Wells Fargo. The latest legal salvo claims the bank headed by Chief Executive Tim Sloan has been ripping off small businesses for years by burying fees and misleading merchants about how much they have to pay for credit card processing services. Wells Fargo’s merchant services unit, a […]

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  • Wells Fargo to Pay Government $108 Million for Veterans’ Loans in Whistleblower Lawsuit

    Fortune- Wells Fargo & Co will pay the U.S. government $108 million to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees. The third-largest U.S. bank on Friday said the accord resolved claims that its Interest Rate Reduction Refinance […]

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  • US orders JPMorgan Chase to pay $4.6 million over checking account reports

    CNBC- The U.S. Consumer Financial Protection Bureau said on Wednesday it had ordered JPMorgan Chase & Co to pay $4.6 million for allegedly failing to make sure it reported accurate information for checking account screening reports. The reports are used to determine who can open a bank account, and without having legally required processes to check the […]

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  • ‘London Whale’ Has a New Target: J.P. Morgan’s Top Brass

    Four years after agreeing to testify against two former traders, Bruno Iksil changed his story, prompting prosecutors to drop criminal case WSJ- The U.S. case against two former J.P. Morgan Chase & Co. traders charged with concealing billions of dollars in losses fell apart because a key witness known as the London Whale shifted blame […]

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  • Exclusive: N.Y. regulator subpoenas Wells Fargo over unwanted auto insurance

    Reuters- New York state’s banking and insurance regulator has issued subpoenas to two Wells Fargo & Co units after the bank admitted to charging several hundred thousand borrowers for auto insurance they did not ask for or need, causing many delinquencies. The New York Department of Financial Services is demanding Wells’ loan contracts with New […]

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  • Donald Trump’s Pick For Key Bank Regulator Is A Foreclosure Kingpin, Of Course

    Joseph Otting signed legal papers admitting the bank he ran forged documents to push Americans out of their homes. He also bought a mansion. Huffington Post- President Donald Trump’s choice to lead a key bank regulation agency spent the first half of this decade running a bank that illegally foreclosed on hundreds of thousands of Americans, often […]

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  • Amended Complaint Shows Government Lied To Public About GSEs

    Seeking Alpha- Summary The government has been winning lawsuits based on the premise that the facts don’t matter. New documents produced by discovery prove that the government has been lying about the facts. Plaintiff lawsuits are like weeds where if one results in a loss, it is appealed and another one is filed with improved reasoning. […]

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  • Lawsuit says Wells Fargo auto insurance charges were a fraud

    Reuters- A new lawsuit accuses Wells Fargo & Co (WFC.N) of racketeering violations and fraud after the bank admitted to charging several hundred thousand borrowers for auto insurance they did not ask for or need, causing many delinquencies. The proposed class action filed on Sunday in San Francisco federal court deepens the fallout from the […]

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  • Lewandowski urges Trump, Kelly to fire head of Consumer Financial Protection Bureau

    The Hill- Corey Lewandowski on Sunday used the recent White House personnel shake-up as an opportunity to push for incoming chief of staff John Kelly to fire an Obama-era appointee who oversees the Consumer Financial Protection Bureau (CFPB). “I think the general should re-look at firing Richard Cordray, the CFPB, he is a person who is now […]

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  • The Treasury Secretary Just Lied Under Oath

    Nation- Steve Mnuchin and Joseph Otting, the only two CEOs in the short and ignominious history of OneWest Bank, both testified before Congress on Thursday. Mnuchin, already installed as Treasury secretary, answered questions at the House Financial Services Committee. Otting, who is seeking to become head of the Office of the Comptroller of the Currency, […]

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  • House revokes new CFPB arbitration rule

    HW- The U.S. House of Representatives passed a “resolution of disapproval” to revoke a controversial new rule by the Consumer Financial Protection Bureau that bans companies from using mandatory arbitration clauses. The House voted 231-190 on Tuesday, using authority provided under the Congressional Review Act to block the rule. Under the Congressional Review Act, Congress may overturn a […]

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  • Newly unsealed documents reveal real reason for Fannie, Freddie profit sweep

    HW- In 2012, the government changed the terms of the bailout for Fannie Mae and Freddie Mac, sweeping all the profits from the GSEs to the U.S. Treasury, citing a need to protect taxpayers from the fallout of any future losses from the GSEs. This rationale was repeated by the Justice Department when shareholders sued the government over the sweep. But recently unsealed […]

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  • JPMorgan and Goldman Sachs bosses receive $314m windfall, boosted by Donald Trump

    Independent- The bosses of two of Wall Street’s biggest banks received a $314m (£241m) windfall last year as the value of their shares soared after Donald Trump’s victory in the US presidential election. Jamie Dimon, who is chairman, president and chief executive of JP Morgan, and Lloyd Blankfein, the chief executive of Goldman Sachs, each saw their stock […]

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  • Wells Fargo Accidentally Handed Over A Bunch Of Confidential Info On Its Rich Clients

    Consumerist- After having a heckuva time dealing with backlash over its recent fake accounts fiasco, Wells Fargo has another debacle on its hands: A new report says a lawyer for the bank accidentally released a whole lot of confidential information about tens of thousands of its richest clients. According to The New York Times, a lawyer […]

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  • Deutsche Bank, JPMorgan to pay $148 mn to end cases

    Business Standard News- Deutsche Bank and JPMorgan Chase & Co have agreed to pay a combined $148 million to end private US antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. The preliminary settlements, totalling $77 million for Deutsche Bank and $71 million for JPMorgan, were detailed in filings late Friday in the US […]

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  • Jamie Dimon Is Frustrated With D.C.? He Should Have Known Better

    Forbes- Jamie Dimon, CEO of J.P. Morgan Chase, is one of the most powerful people on Wall Street and, therefore, in the world. That’s why it was both amusing and frightening to hear that he was extremely unhappy about what’s happening…or, more correctly, not happening…in Washington. According to reports on CNBC and elsewhere, during a JPM earnings […]

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  • UC Law Schools Win Bid to Intervene in Case Awarding $45M for Botched Mortgage

    The Recorder- University of California law schools and two consumer rights legal organizations have won a bid to intervene in a lawsuit where they stand to receive a collective $40 million in punitive damages from Bank of America. U.S. Bankruptcy Judge Christopher Klein of the Eastern District of California found that the law schools and consumer protection […]

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  • JPMorgan Whistle-Blowers Set to Reap Record $61 Million Bounty – Bloomberg

    Bloomberg- Two whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank. The SEC issued letters on Wednesday notifying six […]

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  • Record SEC award expected for JPMorgan whistleblowers

    Financial Planning- The SEC is expected to present the largest whistleblower award in its history – possibly $70.6 million or more to be shared by two whistleblowers in a case involving a former adviser at JPMorgan Chase – according to an SEC letter obtained by Financial Planning. The forthcoming award is expected to be split between […]

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  • Federal judge rules Quicken Loans wrongly influenced home appraisals

    HW- A judge slapped Quicken Loans with nearly an $11 million penalty after it found the nonbank guilty of allegedly and wrongly influencing home appraisal values during the time leading up to the financial crisis. But Quicken Loans is quick to fight the ruling, stating it, along with its affiliated company Title Source, will appeal the rulings issued […]

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  • As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away

    NYT- Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing. The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the […]

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  • CFPB suffers setback in Respa loss

    National Mortgage News- A district court judge has ruled in favor of a Louisville, Ky., law firm that was sued by the Consumer Financial Protection Bureau in 2013 for allegedly paying illegal kickbacks in exchange for referrals. continue reading http://www.nationalmortgagenews.com/news/cfpb-loses-key-respa-case

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  • Wells Fargo stuck mortgage borrowers with extra fees, whistle-blower’s lawsuit says

    LA TIMES- As Wells Fargo & Co. continues to be hit with fallout from its sham-accounts scandal, the bank is facing allegations that it put the screws to customers in yet another way: by slapping them with fees for delays in processing mortgage applications. A former Wells Fargo mortgage banker who worked in Beverly Hills alleged in […]

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  • Jamie Dimon blows up at DC’s dysfunction, says he’s tired of ‘listening to the stupid s—‘

    CNBC- Jamie Dimon blows up at DC’s dysfunction; he’s tired of ‘listening to the stupid s—‘  9 Hours Ago | 00:42 JPMorgan Chase CEO Jamie Dimon expressed frustration at the U.S. federal government during the company’s earnings conference call Friday. “It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s— […]

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  • HSBC, UBS settle U.S. rate-rigging litigation; 10 banks’ total payout tops $408 million

    Reuters- HSBC Holdings Plc (HSBA.L) and UBS Group AG (UBSG.S) have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market. The preliminary settlements were disclosed in filings on Tuesday in the U.S. District Court in Manhattan and require […]

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  • Pimco sues Wells Fargo, claims MBS trustee ‘looted’ trusts to pay legal fees

    Reuters- Several Pimco investment funds are accusing the mortgage-backed securities trustee Wells Fargo of misusing noteholder money to pay its own legal expenses. In a newly filed complaint in Manhattan State Supreme Court, the Pimco funds are asking for a declaratory judgment that Wells Fargo is not entitled to use MBS trust money to fund its defense […]

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  • RBS to pay $5.5 billion to resolve major U.S. mortgage probe

    Reuters- Royal Bank of Scotland (RBS.L) will pay $5.5 billion to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed bonds that it needs to resolve before the British government can sell its shares. The Edinburgh-based lender on Wednesday said it agreed to settle the lawsuit with the U.S. Federal Housing […]

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  • How Obama’s Failure To Prosecute Wall Street Set The Stage For Trump’s Win

    HUFFPO- In his eight years as president, Barack Obama oversaw a civil rights renaissance, laid the groundwork for combating climate change, and shepherded the nation through its worst financial crisis since the Great Depression. But his failure to prosecute Wall Street executives for causing the collapse of the housing market ushered in an era of populist rage […]

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  • JPMorgan Chase Claims NCUA Breached $1.4 Billion Agreement

    CU TIMES- A securities subsidiary of JPMorgan Chase is suing the NCUA for breaching a $1.4 billion settlement agreement over toxic residential mortgage-backed securities sold to five corporate credit unions leading to their collapse and billions of dollars in losses. Stemming from the 2013 settlement agreement, the Long Beach Securities Corp., a subsidiary of JPMorgan […]

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  • U.S. housing finance system ‘unsustainable’: Fed’s Powell

    Reuters- The U.S. housing finance system continues to put taxpayers at risk in a market dominated by government-backed agencies, Federal Reserve Governor Jerome Powell said on Thursday, calling for further reform of an “unsustainable” situation. A decade after doubts about the creditworthiness of mortgage-backed securities helped trigger the worst financial crisis since the Great Depression, […]

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  • Emergency motion: $458,000 condo sale should be voided because of fraud

    News Chief- The $458,100 foreclosure sale of a gulf-front condo in North Redington Beach should be set aside and the money returned to the bidders because of “unauthorized conduct, misconduct and fraudulent acts” leading up to the auction, a new court filing says. The $458,100 foreclosure sale of a gulf-front condo in North Redington Beach […]

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  • Press Release | US MAGISTRATE JUDGE REJECTS TRADE SECRET PRIVILEGE AND GRANTS MOTION TO COMPEL TESTIMONY OF NATIONWIDE TITLE CLEARING ERIKA LANCE

          For Immediate Release                              Contact:  DeAnne Merey 646-785-9594 Dmerey@Tantillolaw.com US MAGISTRATE JUDGE REJECTS TRADE SECRET PRIVILEGE AND GRANTS MOTION TO COMPEL TESTIMONY  Testimony Required Where Worries About Disclosure are Overblown New York, N.Y.—July 6, 2017—United States Magistrate Judge, James C. Francis IV, granted plaintiffs’ motion to compel compliance with their subpoena to depose […]

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  • Bank accuses JP Morgan Chase of breaching agreement

    West Virginia Record- A bank is suing JP Morgan Chase, alleging breach of loan agreement. Bank of Mount Hope Inc. filed a complaint June 28 in Raleigh Circuit Court against Warren G. Davis and JP Morgan Chase Bank NA, alleging Chase failed to surrender the title of a 2011 Ford to the plaintiff but instead, […]

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  • Florida couple stunned to learn $458,000 paid for gulf-front condo may be for nothing

    Tampa Bay- On June 8, a condo overlooking the Gulf of Mexico in North Redington Beach sold at a Pinellas County foreclosure auction for $458,100. The winning bidders, an Orlando couple, thought they had gotten a good deal on the 1,500-square unit in the Ram-Sea Condominiums with heated pool and Jacuzzi. Owners can use their […]

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  • Wells Fargo withholds $90 million for legal costs, shakes up mortgage bond market

    HW- Wells Fargo held $90 million back from residential mortgage-backed securities investors this week, saying that it needed the money to cover legal expenses. The unexpected move could have an impact on the mortgage bond market. Bloomberg has the details on how it all breaks down: The bank said it invoked its right as trustee to hold […]

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  • “FORECLOSURE KING” STEVEN MNUCHIN DOESN’T APPRECIATE HIS TOTALLY ACCURATE NICKNAME

    Vanity Fair- During his time running mortgage lender OneWest, which he bought with a group of investors for pennies on the dollar before selling it for a personal profit of many millions, Steven Mnuchin & Co. foreclosed on more than 36,000 homeowners. Because (1) that’s a lot of people kicked out of a lot houses and (2) everyone […]

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  • Warren Buffett pocketing $12B profit on six-year-old investment

    NY POST- Warren Buffett has proven again why he is America’s most astute investor. The billionaire’s Berkshire Hathaway on Friday moved to capitalize on a rejuvenated Bank of America — and in the process pocketed a tidy $12 billion profit on its nearly six-year-old investment. Here’s how Buffett did it. In August 2011, with many […]

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  • Phantom Recusal Policy Leads to Partial Summary Judgment for Plaintiffs in the Ocwen Securities Litigation

    NLR- In a June 13, 2017, ruling on a motion for partial summary judgment in the Ocwen Financial Corp. Securities Litigation (the “Ocwen Litigation”), the United States District Court for the Southern District of Florida determined Ocwen materially misrepresented in its securities filings and other public statements that its Executive Chairman would recuse himself from Ocwen’s transactions with companies in which […]

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  • Homebuyers lose life savings during wire fraud transaction, sue Wells Fargo, realtor & title company

    The Denver Channel- A Colorado couple, who lost their life savings while trying to buy their dream retirement home, has filed suit against Wells Fargo Bank, Land Title Guarantee Co., Envoy Mortgage Ltd., Kentwood Real Estate Services LLC and realtor Karen Porras, alleging that none of them did enough to protect sensitive financial information. James […]

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  • JPMorgan Chase Bombshell: The Mortgage Liens were Released and then Foreclosed anyways

    Livinglies- Download Deposition here: MRS v JPMC Doc 166-1, Reply-Opp. For Leave, Monitor Depo, April 20, 2017 In our Thursday broadcast of the Neil Garfield Show Mr. Tantillo offered to send us the transcript of a deposition of the person who was in charge of monitoring the National mortgage Settlement and compliance with restrictions and […]

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  • $51 million foreclosure of New York penthouse could be most expensive ever

    CNBC- A plush penthouse in one of New York’s most expensive buildings is headed to foreclosure, signaling new troubles for the high-end real-estate market. The 6,200-square-foot, full-floor unit at One57 is scheduled to go to foreclosure auction next month, according to Bloomberg. The apartment, known as Apartment 79, sold in 2014 for just under $51 […]

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  • Kushner company received $285M loan from Deutsche Bank shortly before election: report | TheHill

    The Hill- Jared Kushner’s real estate company received a $285 million loan a month before Election Day from a German bank that has lent millions to President Trump in the past, The Washington Post reported Sunday. Kushner was acting as both an adviser to the Trump campaign and working at his real estate company when […]

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  • House Dems Go At Deutsche Bank Again For Info On Trump Loans And Russia

    HuffPO- House Democrats are stepping up pressure on Deutsche Bank to access information on President Donald Trump’s multimillion-dollar loans from the institution. In a letter sent to the bank’s lawyers this week, leading House Financial Services Committee Democrats including California Rep. Maxine Waters rejected the institution’s claims that it could not legally release details of the loans for privacy reasons. […]

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  • Policymakers forget duty to protect taxpayers from financial failures

    The Hill- Amid the wreckage of the 2008 financial crisis and the ensuing “Great Recession,” there was one conclusion that everybody could seemingly agree upon: Taxpayers should never again be forced to cover the failed bets of the nation’s biggest banks. Nine years later, the steady campaign of lobbying and influence-peddling by those same “too-big-to-fail” […]

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  • Trump seeks sharp cuts to housing aid, except for program that brings him millions

    Washington Post- President Trump’s budget calls for sharply reducing funding for programs that shelter the poor and combat homelessness — with a notable exception: It leaves intact a type of federal housing subsidy that is paid directly to private landlords. One of those landlords is Trump himself, who earns millions of dollars each year as […]

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  • Former JPMorgan trader Iksil links CEO Dimon to ‘London Whale’ losses

    Reuters- Bruno Iksil, the former JPMorgan Chase & Co (JPM.N) trader at the center of the “London Whale” trading scandal, has accused the Wall Street bank’s Chief Executive James Dimon of laying the ground for the $6.2 billion loss. In an account on his website, Iksil, a French national who traded credit derivatives for JPMorgan […]

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  • Barclays and Former Executives Charged Over Qatar Fund-Raising

    NYT- Barclays, its former chief executive and three other former senior managers were criminally charged on Tuesday over agreements the bank struck with Qatar as it sought to avoid a government bailout during the 2008 global financial crisis. The accusations by the Serious Fraud Office are the first criminal charges to have been brought in […]

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  • LI couple evades foreclosure as deadline passes

    News Day- A Sound Beach couple fighting foreclosure for nearly 10 years “can finally close that chapter of their lives” now that their lender has missed court deadlines to continue the legal battle, the couple’s lawyer said Tuesday. Fred and Theresa Tovar’s mortgage lender — originally Beneficial Homeowner Service Corp., and later U.S. Bank Trust […]

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  • CenturyLink Is Accused of Running a Wells Fargo-Like Scheme

    Bloomberg- A former CenturyLink Inc. employee claims she was fired for blowing the whistle on the telecommunications company’s high-pressure sales culture that left customers paying millions of dollars for accounts they didn’t request, according to a lawsuit filed this week in Arizona state superior court. The company’s shares fell the most in six weeks on the news, while the shares […]

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  • Federal Reserve terminates 2010 enforcement action against Bank of America

    CNBC- The Federal Reserve announced Thursday it had terminated a 2010 enforcement action taken against Bank of America after the bank admitted to bid-rigging in the municipal debt market. The termination means the bank is no longer required to submit quarterly progress reports to the Fed on how its risk management program monitors competitively bid […]

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  • Wells Fargo Is Accused of Making Improper Changes to Mortgages

    NYT- Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend. The changes, which surprised the customers, typically lowered their monthly loan […]

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  • No money? No problem: Zero-down payment mortgages are back!

    Miami Herald- They were all the rage — then the scourge — of the housing boom and bust. Now they’re back, big time: Home mortgages that require tiny or zero-down payments from buyers. Several major lenders are offering 1 percent down payment loans, and now a large national mortgage company has gone all the way, […]

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  • Jamie Dimon May Not Have Become Treasury Secretary, But The Treasury Secretary Is Becoming Jamie Dimon

    Deal Breaker- The White House has never done much to hide its bulging affection for Jamie Dimon. First off, there was once a nonzero chance that America’s most lovable bank CEO would become Treasury Secretary, before he settled for top billing on Donald Trump’s corporate boss Justice League. And back in February Trump stopped just […]

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  • JPMorgan Chase operates a Racketeering Enterprise according to Plaintiffs

    JPMorgan Chase has been accused of creating a “racketeering enterprise” whose purpose was to evade legal duties owed to investors and borrowers and to appropriately service federally regulated mortgage loans. JPMorgan Chase failed to provide documentations to investors that purchased loans from them (likely because all documentation was intentionally destroyed). The loans are void and […]

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  • Supreme Court Unanimously Backs Debt Collector in Gorsuch Opinion

    Bloomberg- The U.S. Supreme Court limited a federal law that protects consumers from overaggressive debt collectors, as Justice Neil Gorsuch wrote his first majority opinion. Writing for a unanimous court, Gorsuch said the Fair Debt Collection Practices Act doesn’t authorize lawsuits against companies that buy defaulted loans from another lender. The ruling is a victory […]

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  • New Jersey Appellate Division Holds Foreclosing Lender Who Simply Winterized and Secured a Condominium Is Not a Mortgagee in Possession and Not Responsible for Condominium Association Fees

    Lexology- In a noteworthy decision for New Jersey lenders approved for publication, the New Jersey Appellate Division recently held that a lender who simply winterizes and secures an abandoned property in foreclosure is not deemed a mortgagee in possession subject to condominium association fees. SeeWoodlands Cmty. Ass’n, Inc. v. Mitchell, 2017 WL 2437036 (N.J. Super. […]

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  • The Unsolved Case of Fannie Mae and Freddie Mac

    HuffPost- Who Are “Fannie Mae” and “Freddie Mac” Fannie Mae and Freddie Mac are the Government Sponsored Enterprises or GSEs which securitize individual mortgages. They turn individual loans from mortgage originators, including small community banks and large national banks, and package them into securities. These mortgage-backed securities are purchased by institutions around the world to […]

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  • Trump to urge finance curbs

    Fox News- The Trump administration will recommend limits on the U.S. consumer-finance regulator and a reassessment of a broad range of banking rules in a report to be released as early as Monday, according to people familiar with the matter. The report from the Treasury Department, drafted in response to a February executive order from President Donald Trump, […]

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  • House set to pass bill rolling back Wall Street rules

    Market Watch- The House is poised to pass sweeping legislation Thursday that would rewrite the rules governing Wall Street, an opening Republican bid to encourage economic growth by loosening regulation of the financial sector. The GOP-led bill, called the Financial Choice Act, is unlikely to become law as it isn’t expected to earn enough support […]

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  • U.S. joins whistleblower lawsuit that accuses Los Angeles of misusing HUD money

    HW- The federal government is joining a lawsuit that accuses the city of Los Angeles of misusing hundreds of millions of dollars from the Department of Housing and Urban Development that were earmarked for providing accessible housing for people with disabilities, the Department of Justice announced this week. The lawsuit, which stems from a whistleblower […]

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  • Trump Picks Former OneWest Chief to Oversee Banks

    NYT- WASHINGTON — President Trump plans to nominate Joseph Otting, who ran the California lender OneWest, to oversee some of the nation’s largest banks. If confirmed as comptroller of the currency, Mr. Otting will play a central role in overseeing the daily operations of many banks, including those on Wall Street, and driving the administration’s […]

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  • DOJ ordered to stop mortgage settlement money flowing into “left-wing activist organizations

    HW- For the last few years, some of the largest settlements between financial institutions and the Obama administration’s Department of Justice contained stipulations that portions of the money be sent to unaffiliated third parties, a practice that Republicans criticized as a “slush fund” operation. Some prominent Republicans, like House Financial Services Committee Chairman Jeb Hensarling, […]

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  • Justice Department Weighs in Against Wells Fargo in a Whistle-Blower Suit

    NYT- Fresh woes for Wells Fargo and a victory for two of its whistle-blowers occurred late Tuesday when the Justice Department filed a friend-of-the-court brief in a lawsuit brought against the bank by two former employees, who were fired after they tried to report misdeeds they had observed to their supervisors. The government’s filing adds heft to a […]

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  • Deutsche Bank reaches $95 million RMBS settlement with Maryland

    Settlement over crisis-era mortgage bonds is related to $7.2 billion DOJ agreement HW- The state of Maryland announced last week that it reached a $95 million settlement with Deutsche Bank over claims that Deutsche Bank misled investors about its securitization and sale of residential mortgage-backed securities and collateralized debt obligations during the run-up to the […]

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  • Deutsche Bank denies House Democrats’ request for info on Trump accounts: report

    The Hill- Deutsche Bank has not responded to questions from several Democrats on the House Financial Services Committee asking to verify whether President Trump’s has any financial ties to Russia, according to Reuters. Various members of the panel sent a letter to Deutsche Bank’s CEO John Cryan in May, requesting information that could show whether […]

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  • House set to vote on law to “dismantle” Dodd-Frank

    HW- The House of Representatives is set to consider the Republican-led Financial CHOICE Act, H.R. 10, next Wednesday, which is the leading option to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Financial Services Committee passed the Financial CHOICE Act, H.R. 10, in May in a completely partisan vote (34-26). House Financial Services Committee Chairman […]

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  • Ocwen: Auditor ripped us off with phantom hours, expenses from strip clubs and casinos

    Palm Beach Post- Embattled mortgage firm Ocwen Financial says Fidelity Information Systems has ripped it off for millions by overbilling Ocwen to monitor the company’s loan portfolio. In a lawsuit filed in May in Sacramento, California, Ocwen says Fidelity Information Systems charged for phantom hours and sought reimbursement for expenses incurred at strip clubs and […]

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  • Wells Fargo’s cutthroat culture was reportedly simmering for decades

    Business Insider- The chicanery and fraud that has engulfed banking giant Wells Fargo in the past year has by now been well documented. Fabricating customer information and creating thousands of unauthorized customer accounts has resulted in $185 million in fines, the dismissal of roughly 1,000 junior employees, the ouster of CEO John Stumpf and other […]

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  • New York City cuts ties with Wells Fargo

    HW- Earlier this year, reports began to emerge that New York City was considering becoming the next in a string of cities and states that cut ties with Wells Fargo in the wake of the bank’s fake account scandal. And Wednesday, that’s exactly what happened, as New York City’s mayor and comptroller announced that the […]

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  • B of A and Wells Fargo Prevail in LA’s Fair-Housing Actions

    Courthouse News- Rejecting claims that Bank of America and Wells Fargo discriminated against Latino and black borrowers through predatory home loans, the Ninth Circuit found Friday that Los Angeles offered little evidence that the practices were bank policy. In 2013, the city filed two lawsuits under the Fair Housing Act claiming that the banks’ lending practices led to disproportionate foreclosures in […]

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  • From Foreclosure to Eviction: One Family’s Struggle to Recover

    KQED NEWS- When Vanessa and Richard Bulnes got an eviction notice, it felt ironic. The Bulneses were unable to pay the rent, because their corporate landlord took three years to remediate high levels of lead in the backyard soil, which caused Vanessa to lose her business, a family home child care that she had run for more than 20 […]

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  • Jeff Sessions’ Justice Department Backed a Mortgage Corporation Over a Veteran

    Esquire- n Thursday, in a post regarding the legal assault on the Consumer Finance Protection Bureau, we noted that the aggrieved party that has been weaponized to kill the agency on behalf of the White House, Congressional Republicans, and every swindler working in the American economy was a corrupt mortgage-lending company called PHH, which the […]

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  • Steve Mnuchin used a Goldman Sachs staffer to help manage the Treasury Department

    Salon- President Donald Trump’s Treasury secretary, Steven Mnuchin, has apparently used a Goldman Sachs banker to help manage the Treasury Department — even though he had not officially departed from Goldman Sachs itself yet. On Friday, that banker withdrew his name from the Senate confirmation hearing to become Mnuchin’s deputy, citing family matters. Jim Donovan […]

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  • Democrats Ask Deutsche Bank to Produce Documents on Trump Family Loans

    Bloomberg- Democratic lawmakers asked Deutsche Bank AG to hand over its findings on two politically charged matters — its banking on behalf of now-President Donald Trump and trades from the bank’s Moscow operation that helped move some $10 billion out of Russia. Representative Maxine Waters of California and four other Democrats on the House Financial […]

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  • FILL THE SWAMP! Mnuchin’s Recruiting Tool: Titles That Don’t Need Senate Confirmation

    Bloomberg- Treasury Secretary Steven Mnuchin is trying to fill a leadership vacuum in his department by increasingly recruiting financial industry executives for senior positions that come with a perk: a title that doesn’t require Senate confirmation. Mnuchin has so far hired four people as top aides with the title “counselor,” including Craig Phillips, an ex-BlackRock […]

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  • The Case That Could Doom Elizabeth Warren’s Wall Street Watchdog

    Bloomberg- Since the day it was created, Democrats loved it, Republicans hated it and Wall Street, at best, tolerated it. The fate of the Consumer Financial Protection Bureau and its chief, Richard Cordray, is in the hands of a Washington appeals court that will hear arguments Wednesday. The CFPB asked the court to reconsider its 2016 […]

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  • Former JPMorgan Chase loan officer pleads guilty for $33 million mortgage fraud scheme

    HW- A former senior loan officer at JPMorgan Chase Bank admitted in court last week that he took part in a massive mortgage fraud scheme during the height of the mortgage boom that cost the bank more than $33 million. According to the U.S. Attorney’s Office for the Middle District of Florida, Ross Pickard, 63, […]

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  • BofA’s Moynihan: We need big banks to help grow the economy

    CNBC- Bank of America CEO Brian Moynihan sees his company’s biggest mission as helping the economy to grow. To make that happen, he said, the bank needs to stay big. In an interview Thursday with CNBC, Moynihan said some of the measures being contemplated now to loosen up the financial system make sense. But he […]

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  • 1st District Court of Appeal sends foreclosure fee case back to lower court

    Florida Record- In a case involving a Florida man and his fight to keep a bank from foreclosing on his late mother’s reverse mortgage, the 1st District Court of Appeal has affirmed a judgment and remanded a portion of the case regarding attorney fees to the lower court. In the ruling, the appeals panel said […]

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  • Saudi Arabia’s $20 billion wager with Blackstone is record-sized bet on U.S. infrastructure

    Market Watch- Saudi Arabia joined the parade of investors into U.S. public works by pledging a record investment with Blackstone Group LP. The country’s Public Investment Fund agreed to commit $20 billion to Blackstone’sBX, +6.76%   new infrastructure fund in the latest push around the world by large investors to buy up airports, pipelines and […]

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  • Wells Fargo, Consumers Try to Rescue Bogus-Account Settlement

    Bloomberg- Both sides of Wells Fargo & Co.’s $142 million settlement over its fake-accounts scandal made last-ditch efforts to salvage the class-action pact after a federal judge voiced misgivings about some of its terms. Lawyers for the bank and customers submitted new information late Wednesday in an attempt to address U.S District Judge Vince Chhabria’s […]

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  • Jamie Dimon Steps in It

    The Slate- The JPMorgan CEO defended advising Trump—just hours before the administration hit its lowest point yet. Jamie Dimon picked one hell of a week to lean in to Donald Trump. On Tuesday, the day after the Washington Post revealed the president had shared highly classified information with Russian diplomats and a week after he […]

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  • Dow sheds 370 points; stocks close lower and wipe out monthly gains on Trump fears

    CNBC- U.S. equities closed sharply lower on Wednesday as investors fretted over the latest news coming out of Washington. “This is clearly Washington-driven,” said Michael Shaoul, chairman and CEO of Marketfield Asset Management. “It’s a lot like 1998-99, when the market had to deal with the [Monica] Lewinsky scandal.” The Dow Jones industrial average ended […]

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  • JPMorgan’s Dimon defends Trump advisory role, deregulation

    Reuters- JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon on Tuesday responded to criticism from angry shareholders of his role advising President Donald Trump on economic matters, saying he would help “any president” in office. At the bank’s annual meeting in Wilmington, Delaware, several attendees demanded answers from Dimon about his role on a […]

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  • Lawsuit: Petaluma Wells Fargo employees ‘corralled’ day laborers

    The Press Democrat- When business was slow at its branch in Petaluma, a former Wells Fargo employee said his manager had an unusual solution to meet the bank’s aggressive sales targets. Latino employees were instructed to round up undocumented immigrants who congregated outside a nearby 7-Eleven store, drive them back to the bank and sign […]

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  • RBS CEO sees potential to settle major U.S. mortgage probe

    Reuters- Royal Bank of Scotland (RBS.L) Chief Executive Ross McEwan said the bank is in talks to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed securities that it needs to overcome before the British government can sell its shares in the bailed-out bank. McEwan has been trying to clean up […]

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  • Wells Fargo fake account scandal may be bigger than thought

    CNBC- Attorneys for alleged victims of the Wells Fargo fake account scandal are now saying that the bank may have been responsible for more unauthorized accounts than previously thought. In a legal filing, plaintiffs’ attorneys in a class-action lawsuit say: “Based on public information, negotiations, and confirmatory discovery, the parties estimate the number of unauthorized […]

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  • Fannie and Freddie are nearly out of money and Washington is getting anxious

    Market Watch- In 2008, as the financial crisis swirled, the federal government rushed Fannie Mae  and Freddie Mac into conservatorship. The two giant mortgage-finance companies became wards of the state under a new regulator that would manage their affairs until they were healthy enough to stand on their own. Nearly nine years later, they’re still […]

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  • FHFA Director: Next year, taxpayers will foot any Fannie, Freddie losses

    HW- Thursday, Federal Housing Finance Agency Director Melvin Watt testified before the U.S. Senate Committee on Banking, Housing and Urban affairs as to the state of the government-sponsored enterprises’ conservatorship. In his prepared remarks, he emphasized that reform for Fannie Mae and Freddie Mac is needed, and soon. “I have said repeatedly, and I want […]

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  • What Wall Street Is Saying About FBI Director Comey’s Ouster

    Bloomberg- In the wake of President Donald Trump’s firing of FBI Director James Comey, Wall Street is weighing whether the political fallout will kill any momentum the White House had for its economic agenda. The abrupt decision has investors raising questions about whether the president’s pro-growth, tax-cutting reforms will stall as the focus shifts to […]

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  • DIMON: ‘Something went wrong, and the leaders collectively are responsible’

    Business Insider- Jamie Dimon is worried about a lost generation. The CEO and chairman of JPMorgan has spoken about a “national catastrophe” in education, and a generation that has been left behind. Business Insider spoke with Dimon on May 5, at the Alfred E. Smith Career and Technical Education High School in the South Bronx, New […]

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  • What’s really going on between Goldman Sachs and the federal government?

    NY Post- Just for laughs, let’s start out with this idea — that Goldman Sachs acts as an agent of the federal government. Let’s see if I can persuade you. For starters, it wasn’t too long ago that then-President-elect Donald Trump vowed to drain the swamp — before he went ahead and hired six Goldman […]

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  • JAMIE DIMON: There is a ‘national catastrophe’ and ‘we should be ringing the alarm bells’

    Yahoo- Jamie Dimon is sounding the alarm. The chairman and CEO of JPMorgan Chase has taken the opportunity on a number of occasions in recent weeks to highlight problems in America, including its failing education system, stifling bureaucracy, and high levels of incarceration and opioid deaths. He has set out some solutions along the way. […]

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  • Mortgage services are making off with billions in tax dollars

    NY POST- It’s hard to sum up the true total value of homeownership, one of the bedrock tenets of the American Dream. But there’s a clear price tag — $2.4 billion — for the amount of taxpayer money residential mortgage services and investors have made off with for cancelled HAMP modifications. At least 155,000 of […]

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  • ‘Financial CHOICE Act 2.0’ Rolling Back Consumer Protections Moves Forward

    Consumerist- The House Financial Service Committee approved the Financial CHOICE Act 2.0 today, signaling the first concrete move to roll back consumer protections and gut the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The committee voted today to send the Financial CHOICE Act 2.0 — introduced by bank-backed Texas Rep. Jeb Hensarling last month […]

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  • Home prices will not fully recover until 2025, and a new report explains why

    CNBC- Check out any one of the many national home price reports, and headlines scream of new peaks and growing gains each month. Home prices are rising faster than inflation, faster than incomes and faster than some potential buyers can bear. Those reports are heavily weighted toward large metropolitan housing markets. In fact, most of […]

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  • Goldman Sachs win streak is focus of Treasury-rigging probe

    NY POST- The Justice Department’s investigation into Wall Street’s rigging of the $14 trillion Treasury market is zeroing in on Goldman Sachs — just as the bank’s former employees have taken over the agency that’s at the center of the probe, The Post has learned. Goldman Sachs won almost all auctions for US Treasury bonds […]

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  • Woman claims JPMorgan Chase made unlawful collection calls

    NORCALRECORD- A Moreno Valley consumer alleges a financial institution harassed her with calls. Maria Kobayashi filed a complaint on April 26 in the U.S. District Court for the Central District of California against JPMorgan Chase Bank NA alleging violation of the Telephone Consumer Protection Act and the Rosenthal Fair Debt Collection Practices Act. According to […]

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  • How the FHA May Impact the Supreme Court Foreclosure Ruling

    DSNEWS- In a 5-3 decision on Monday, the U.S. Supreme Court determined that cities can sue banks over lost tax revenue on foreclosed properties from urban blight. Law360 reported that Miami has the standing to sue Bank of America Corp. and Wells Fargo & Co. under the Fair Housing Act, stating that the banks’ discriminatory […]

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  • Supreme Court says cities can sue banks over predatory loans

    USA Today- The Supreme Court ruled Monday that cities can sue banks for discriminatory mortgage lending practices, but they must prove that predatory loans led to damages such as lost tax revenue and higher spending on municipal services. The decision was a partial victory both for Miami, which sought standing to sue banks under the Fair […]

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  • A Whistle Was Blown, but Who Was Listening?

    NYT- The Securities and Exchange Commission calls itself the whistle-blower’s advocate. But one participant in the agency’s lauded whistle-blower program isn’t so sure. He is Michael J. Lutz, an accounting specialist who raised his hand in early 2013 when he was at Radian Group, the giant mortgage insurer. At the time, Radian was still weathering […]

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  • Ocwen Financial files motions for restraining orders against some state mortgage regulators

    Housing Wire- Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said last week that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on […]

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  • Wells Fargo, JPMorgan Wary of Auto Loans, Pack Them in Bonds

    Bloomberg- Depending whose money they’re using, Wells Fargo & Co. and JPMorgan Chase & Co. either love subprime car loans or fear them. Both banks have grown more reluctant to make new subprime loans using money from their own balance sheets. Wells Fargo tightened its underwriting standards and slashed the volume of all loans it made to […]

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  • Suit: Wells Fargo targeted ‘undocumented immigrants’ for accounts

    San Francisco Chronicle- Wells Fargo branches across the country deliberately targeted “undocumented immigrants” to open savings and checking accounts in order for the bank to meet aggressive sales goals, according to court documents obtained by The Chronicle. In sworn declarations obtained by Burlingame plaintiff’s attorney Joseph Cotchett, former employees describe a scheme in which Spanish-speaking […]

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  • OCC Fines U.S. Bank National Association $15 Million for Bankruptcy Filing Violations

    FOR IMMEDIATE RELEASE April 25, 2017 Contact: Bryan Hubbard (202) 649-6870 OCC Fines U.S. Bank National Association $15 Million for Bankruptcy Filing Violations WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank National Association for bankruptcy filing violations. The OCC found that, between 2009 […]

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  • Obama’s $400,000 Wall Street speaking fee will undermine everything he believes in

    VOX- Former President Barack Obama’s decision to accept a $400,000 fee to speak at a health care conference organized by the bond firm Cantor Fitzgerald is easily understood. That’s so much cash, for so little work, that it would be extraordinarily difficult for anyone to turn it down. And the precedent established by former Presidents […]

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  • Fla. App. Court (4th DCA) Holds Post-Foreclosure Deficiency Action Not Affected By Publication Service in Foreclosure

    Lexology- The District Court of Appeal of the State of Florida, Fourth District, recently held that a creditor may obtain a post-foreclosure deficiency judgment against a borrower when the borrower was personally served with process in the post-foreclosure deficiency action, and the fact that the foreclosure court only acquired in rem jurisdiction due to service […]

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  • COMMONWEALTH OF MASSACHUSETTS DIVISION OF BANKS — Ocwen Temporary Order to Cease and Desist and Order

    COMMONWEALTH OF MASSACHUSETTS DIVISION OF BANKS IN THE MATTER OF: OCWEN LOAN SERVICING, LLC Debt Collector License No: DC0861 Mortgage Lender License No: ML1852 NMLS No. 1852 1661 Worthington Rd., Suite 100 West Palm Beach, FL 33409 Docket No. 2017-001 FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST AND ORDER TO SHOW CAUSE […]

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  • Prepared Remarks of CFPB Director Richard Cordray on the Ocwen Enforcement Action Press Call

    Today the Consumer Financial Protection Bureau is filing a lawsuit against Ocwen, one of the nation’s largest nonbank mortgage servicers. We are seeking relief to compensate consumers for years of systemic and significant errors throughout the mortgage servicing process, which cost some of them their homes. We allege that Ocwen calculated loan balances improperly, misapplied […]

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  • CFPB Sues Ocwen for Failing Borrowers Throughout Mortgage Servicing Process

    Mortgage Servicer’s Widespread Errors, Shortcuts, and Runarounds Cost Borrowers Money, Homes WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today sued one of the country’s largest nonbank mortgage loan servicers, Ocwen Financial Corporation, and its subsidiaries for failing borrowers at every stage of the mortgage servicing process. The Bureau alleges that Ocwen’s years of widespread […]

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  • Larry Fink fired back at Jamie Dimon’s assertion that regulation is hurting the US economy

    Business Insider- Larry Fink doesn’t buy Jamie Dimon’s complaints about regulation and the mortgage market. In an interview with Bloomberg TV on Wednesday, the BlackRock CEO said that he doesn’t think the economy has been seriously hurt by the tighter regulations on financial institutions since the financial crisis, contrary to what Dimon argued after JPMorgan’s earnings were released […]

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  • HSBC Challenges Foreclosure Dismissal Amid Claims of ‘Unclean Hands’

    DBR- Things looked grim for HSBC Bank USA N.A. last year when it faced involuntary dismissal of its case after a bench trial and sanctions for prosecuting a foreclosure suit with “unclean hands.” Back then, the trial judge sided with borrowers accusing the bank of building its case on a forged mortgage assignment and granted […]

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  • Meet Trump’s designated driver of Wall Street deregulation

    Business Insider- President Donald Trump looks set to nominate Randal Quarles to replace the outgoing Daniel Tarullo as the Federal Reserve’s point man on regulation. Or in this case, deregulation, given the president’s stated intention of doing a “big number” on the Dodd-Frank rules adopted to prevent a repeat of the 2008 financial crisis. This […]

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  • Bank of America Protests Judge’s $45 Million Fine In Homeowner Case

    Fox News- Bank of America Corp. asked a bankruptcy judge to reconsider his $45 million fine over its treatment of a California couple who requested lower mortgage payments, calling the amount “unprecedented in its magnitude.” In court papers, bank officials asked Judge Christopher Klein to amend his 107-page ruling against the bank, arguing that his […]

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  • Securities-based loans are scaring fiscal experts

    NY POST- Forget subprime mortgages — one of Wall Street’s biggest risks doesn’t even show up on most banks’ balance sheets. Financial insiders are getting increasingly worried over the popularity of securities-based loans, or SBLs — a risky form of debt marketed to wealthy investors who typically use it to buy big assets like houses. […]

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  • Cook County judge indicted on mortgage fraud charges

    Chicago Tribune- A civic-minded judge whose inspiring rags-to-riches story helped her become the first Filipina elected to the Cook County bench was indicted Wednesday on mortgage fraud charges. Judge Jessica A. O’Brien, who presided over a small-claims courtroom and had served in prominent roles on numerous bar association boards, allegedly lied and concealed relevant facts […]

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  • Fannie Mae: Former Staffer Behind FMIC Goes To BlackRock

    Value Walk- You may remember there was a bit of controversy last April when it came out that the Corker-Warner bill to replace Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) with a new government agency was largely written by former Countrywide Financial […]

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  • Jamie Dimon says something shameful is going on with the mortgage market

    Business Insider- Multitudes of would-be first-time homebuyers have been stymied in their pursuit of an iconic piece of the American dream in recent years. JPMorgan top boss Jamie Dimon finds the whole thing unsettling. JPMorgan had plenty to crow about during its first-quarter media call Thursday, in which the company beat earnings and reported some […]

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  • The Man in Charge of Fixing Fannie and Freddie Knows Them All Too Well

    NYT- You may not know much about Craig S. Phillips, special counselor to Steven Mnuchin, the United States Treasury secretary. Because Mr. Phillips was not a political appointee, he did not face congressional scrutiny before he began directing our nation’s housing policy, one of his main tasks. Getting to know Mr. Phillips and his background […]

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  • Mnuchin’s OneWest Avoided Force-Placed Insurance Class Actions During Crisis

    Bloomberg- OneWest Bank, the mortgage servicer previously owned by Treasury Secretary Steven Mnuchin, has been accused by homeowner groups of a type of foreclosure abuse involving lender-placed, or force-placed, insurance. Mortgage servicers are able to force insurance policies on homeowners during a lapse in coverage, when premiums haven’t been paid or the homeowner has no […]

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  • DOJ is probing Barclays over whistleblower scandal

    NY Post- The Justice Department is investigating UK banking giant Barclays and the US Postal Service over an alleged attempt to unmask a whistleblower, The Post has learned. Barclays, at the request of Chief Executive Jes Staley, reached out to postal inspectors after its board received two letters mailed from an anonymous employee complaining about […]

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  • The damning 2004 report that Wells Fargo chose to ignore

    MONEY- An internal Wells Fargo report prepared 12 years ago — in August 2004 — eerily foretold the fake account scandal that has recently shaken Wells Fargo to its core. That investigation, titled “Gaming,” warned that Wells Fargo employees had an “incentive to cheat” that was “based on the fear of losing their jobs.” It […]

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  • This Is What Dimon and Kashkari Are Really Fighting About

    Bloomberg- Jamie Dimon is America’s most famous banker, and Neel Kashkari is its most outspoken bank regulator, so it’s not a shock that they would eventually come to blows. What’s interesting is that their contretemps is over an acronym that most Americans have never heard of, but one that may be central to preventing another […]

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  • NY Fed boss may have blabbed during blackout

    NY POST- Back in 2011, I caught William Dudley, the president of the New York Federal Reserve Bank, having meetings he wasn’t supposed to have with some of Wall Street’s top players. And nobody cared. Nobody cared despite the fact that Dudley could have easily passed along all sorts of confidential information to these people, […]

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  • JPMorgan CEO’s letter overshadowed by Fed drama

    NY POST- JPMorgan Chief Executive Jamie Dimon issued his state-of-the-state shareholder letter last Tuesday, but unfortunately, it was overshadowed by Richmond Federal Reserve President Jeff Lacker’s resignation over leaking information. It’s a shame, because Dimon really hit on some key issues concerning what is right and wrong with America. The CEO of the nation’s largest […]

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  • Wells Fargo claws back $75 million from former CEO and top exec

    Money- Wells Fargo is taking back another $75 million from its former CEO and another top executive, blaming them for playing central roles in the bank’s fake account fiasco. The actions announced on Monday were the result of a massive, six-month investigation by Wells Fargo’s independent directors into the bank’s broken culture. Wells Fargo’s (WFC) […]

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  • Wall Street Doubts Trump Wants to Split Up Big U.S. Banks

    Bloomberg- President Donald Trump and his advisers have vowed to bring back a Depression-era law that would cleave the biggest U.S. lenders in half by separating commercial and investment banking operations. Wall Street doesn’t expect that to happen. After chief economic adviser Gary Cohn reiterated the administration’s stance toward the Glass-Steagall Act in a private […]

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  • Court sides with Colorado foreclosure law firm in suit by state attorney general

    DBJ- The Castle Law Group — the state’s largest foreclosure firm — did not systematically charge inflated and deceptive costs for routine foreclosure services, a Denver judge has ruled. The civil lawsuit was originally brought by the Colorado Attorney General office. But in a ruling released this week after a three-week bench trial, Denver District […]

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  • JPMorgan’s Dimon: ‘Too big to fail has been solved’

    Though the financial crisis is still fresh in the minds of many investors, JPMorgan Chase CEO Jamie Dimon believes there’s nothing to worry about. “Essentially, too big to fail has been solved — taxpayers will not pay if a bank fails,” Dimon said in his annual letter to shareholders released Tuesday. “The American public has […]

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  • Facing a Partisan Legal Challenge and Reform Proposals Designed to Weak It, CFPB Continues to Fight For and Protect American Consumers From Wall Street’s Illegal, Predatory Actions

    Better Markets- Recent and upcoming events have once again placed the Consumer Financial Protection (CPFB) in the cross-hairs of the Trump Administration and Republicans in Congress.  Sadly, this should come as no surprise, because as one of the country’s most effective government agencies, Wall Street and its allies love to hate the CFPB and their […]

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  • Wells Fargo Whistle-Blower Wins $5.4 Million and His Job Back

    NYT- A federal regulator on Monday ordered Wells Fargo to pay $5.4 million to a former manager who said he was fired in 2010 after reporting to his supervisors and to a bank ethics hotline what he suspected was fraudulent behavior. The bank must also rehire him, the Labor Department’s Occupational Safety and Health Administration […]

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  • Katie Porter, California mortgage settlement monitor and Warren protégé, running for Congress

    HW- The coming battle for control of Congress in 2018 has a new combatant, one that would bring significant experience in the mortgage space to the House of Representatives. Katie Porter, who served as California’s independent monitor in the nationwide $25 billion National Mortgage Settlement from 2012 to 2014 and boasts Sen. Elizabeth Warren, D-Mass. […]

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  • Fannie-Freddie regulator to make $10B payment amid mounting pressure

    Politico- Fannie Mae and Freddie Mac will make a $10 billion payment to Treasury this week as planned amid mounting political pressure over the transfer. The announcement from the Federal Housing Finance Agency came as mortgage lobbyists, housing advocates and hedge funds fought over what to do with the money. Senate Banking Committee members weighed […]

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  • Florida Supreme Court Refuses to Reconsider Landmark 2016 Ruling on Statute of Limitations for Mortgage Foreclosure

    JD Supra- On March 16, 2017, the Florida Supreme Court denied motions for rehearing and/or clarification filed by petitioners Lewis Brook Bartram, the Plantation at Ponte Vedra, and Gideon M.G. Gratsiani. All three petitioners requested the Florida Supreme Court reconsider or clarify its landmark November 3, 2016 opinion in Bartram v. U.S. Bank, N.A., SC14-1266, […]

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  • New Firms Catching Up to Banks in Foreclosure Rankings

    NYT- The number of home foreclosures is down sharply from the depths of the financial crisis, even as many of the mortgage firms involved remain the same, including Fannie Mae, Wells Fargo, Bank of America and JPMorgan Chase. But the latest foreclosure rankings also include a number of firms that barely registered or did not […]

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  • Santander to pay $25.9 million to resolve subprime auto loan probes

    Reuters- Santander Consumer USA Holdings Inc (SC.N) has agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware into its financing and securitization of sub-prime auto loans. The settlements were announced on Wednesday and resolved allegations Santander facilitated unfair, high-rate auto loans for thousands of car buyers. The loans […]

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  • Bank of America fined $45 million for ‘heartless’ foreclosure

    Market Watch- A bankruptcy judge issued a $45 million fine against Bank of America Corp.BAC, -0.04%  , calling the bank’s treatment of a California couple who fought to save their home “brazen” and “heartless.” Judge Christopher Klein of the U.S. Bankruptcy Court in Sacramento said the bank’s mortgage modification process and mistaken foreclosure on Erik […]

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  • Wells Fargo reaches $110 million class action settlement over fake accounts

    HW- Earlier Tuesday, Wells Fargo announced that its Community Reinvestment Act rating is being downgraded by the Office of the Comptroller of the Currency, due in part to the bank’s fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the OCC, and the city and county of Los Angeles. […]

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  • Deutsche Bank in Bind Over How to Modify $300 Million Trump Debt

    Bloomberg- A small detail in Deutsche Bank AG’s loans to Donald Trump’s real-estate business has turned into a headache at the bank, as its effort has stalled to restructure part of the $300 million or so in debt. The issue is a personal guarantee Trump gave Deutsche Bank when the debt was negotiated from 2012 […]

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  • A Revolving Door Helps Big Banks’ Quiet Campaign to Muscle Out Fannie and Freddie

    NYT- Seven years after their dubious lending practices helped push the United States economy to the brink of disaster, the nation’s largest banks are closing in on a long-sought goal: to unseat Fannie Mae and Freddie Mac, the mortgage finance giants, and capture their share of the profits in the country’s $5.7 trillion home loan […]

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  • Correcting the Record: J.P. Morgan and the Financial Crisis

    Morning Consult- Nearly a decade past the worst American financial crisis since the Great Depression, millions continue to rebuild their lives in an economy that was, in large measure, shattered by an imploding mortgage market. Although Wall Street and its aligned institutions have been heavily criticized for their part in the subprime debacle, J.P. Morgan […]

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  • JPMorgan: Settle The Ambac Case Or Lose Billions (Again)

    Seeking Alpha- Summary 2 cases from the mortgage crisis against JPM are now in trial. Pre-trial hearings went very badly for JPM and it is behind the eight-ball. The stock is being weighed down by uncertainty. A loss seems likely. Settlement is the logical move. Two cases regarding the failure of J.P. Morgan Chase (NYSE:JPM) […]

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  • Goldman Sachs Goes on Buying Binge for Delinquent Mortgages

    WSJ- In a strange reverberation of the housing crisis, Goldman Sachs Group Inc. has become a voracious buyer of soured mortgages, trying to make money even as it looks to fulfill terms of a government settlement that calls for it to help struggling homeowners. Over the past year-and-a-half, the Wall Street giant has become the […]

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  • Mr. Trump Goes After Consumer Financial Protection Bureau

    NYT- Shortly after Inauguration Day, the Trump camp indicated it had no immediate plan to fire Richard Cordray, the Obama-appointed director of the Consumer Financial Protection Bureau, whose term runs until July 2018. The administration’s restraint was a welcome contrast to congressional Republicans’ unrelenting efforts to weaken the bureau, including calls to get rid of […]

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  • Uncommon mortgage clause leaves grieving Va. family without home

    WTVR- A family home was sold to the highest bidder Friday; it was an auction overshadowed by tears. Peggy Stroud wept as a bidder bought the home she grew up in on Urbine Road. Stroud said the home is the place where her mother took her last breath, and her father was shot to death […]

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  • Fannie, Freddie revamp plan unlikely this year, dividends in focus

    Reuters- An overhaul of Fannie Mae and Freddie Mac is highly unlikely to make it into this year’s legislative calendar, Congressional staffers say, possibly shifting the new administration’s immediate focus to allowing the mortgage financing institutions’ to rebuild depleted capital. Fannie and Freddie stocks soared late last year when President Donald Trump’s pick for Treasury […]

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  • Foreclosure crisis makes Detroit a city of renters, not homeowners

    USA Today- For the first time in half a century, renters now outnumber homeowners in Detroit. The surge in downtown and Midtown apartment living is just a tiny part of the reason for the shift. By far the bigger reason: The foreclosure crisis of the past 10 years has seen tens of thousands of single-family houses […]

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  • Wells Fargo books plush resort for company meeting – and some shareholders aren’t happy

    The Charlotte Observer- Florida’s Sawgrass Marriott Golf Resort & Spa offers the kinds of amenities you’d expect from a swanky venue overlooking the Atlantic coast: two championship golf courses, villas with private balconies, therapy baths and massage lessons. It’s also where Wells Fargo will hold its annual meeting for shareholders next month, the San Francisco […]

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  • How ‘Consumer Relief’ After Mortgage Crisis Can Enrich Big Banks

    NYT- In every multibillion dollar settlement with a big bank that peddled faulty mortgage securities, a major provision has been a requirement that the bank provide “consumer relief.” In the case of JPMorgan Chase, for instance, the nation’s largest bank satisfied its requirement to provide $4 billion in consumer relief in September by modifying and […]

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  • CFPB Takes Action Against Nationstar Mortgage for Flawed Mortgage Loan Reporting

    WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014. Today’s action is the largest HMDA civil penalty imposed by the Bureau to […]

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  • Mahin Oskoui v. J.P. Morgan Chase Bank | 9th Circuit Finds Chase Falsely Promised Loan Modification To Borrower

    FOR PUBLICATION UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT MAHIN OSKOUI, an individual, Plaintiff-Appellant, v. J.P. MORGAN CHASE BANK, N.A.; U.S. BANK, N.A., as Trustee, Successor in Interest to Bank of America, National Association as successor by merger to LaSalle Bank NA as Trustee for WAMU Pass-Through Certificates Series 2007-HY06 Trust Erroneously Sued […]

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  • 3rd Circuit Finds Chase Improperly Calculated Insurance Termination Date

    Lexis Legal News- The Third Circuit U.S. Court of Appeals on March 9 affirmed a district court’s order denying a bank’s motion to dismiss claims for violation of the Homeowners’ Protection Act, finding that the court did not err in finding that the bank violated the act when it relied on a broker’s price opinion […]

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  • Wells Fargo CEO receives pay bump despite sales scandal

    Reuters- Wells Fargo & Co’s board of directors awarded Chief Executive Timothy Sloan $12.8 million for his work last year, a 17 percent increase, despite scrapping executive bonuses in light of an accounts scandal that rocked the bank last year, according to a proxy filing on Wednesday. Sloan was CEO for only a few months […]

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  • Banking on the Media

    Forbes- As a brutal battle rages inside the Washington beltway over claims that the press is out to get the President, it’s worth remembering that all not all media bias is negative or adversarial. Positive bias exists as well, in the form of softball interviews, puff pieces, and amen choruses. The financial media is a […]

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  • Lobbying group says it will train bankers to become politicians

    NY POST- Let’s get rid of the lawyers in Washington — and bring in the bankers. That’s the pitch from a Wall Street lobbying group that represents the $17 trillion banking industry, which said Tuesday it’s launching a program to “help bankers run for office.” The program — which will teach bankers everything from raising […]

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  • ‘A bad idea’: More new mortgages are risky ones

    USA TODAY- Riskier borrowers are making up a growing share of new mortgages, pushing up delinquencies modestly and raising concerns about an eventual spike in defaults that could slow or derail the housing recovery. The trend is centered around home loans guaranteed by the Federal Housing Administration that typically require down payments of just 3% […]

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  • PHH urges Court of Appeals to kill CFPB

    HW- PHH wants the full Court of Appeals for the District of Columbia Circuit to do more than simply declare the leadership structure of the Consumer Financial Protection Bureau unconstitutional; it wants the Court of Appeals to kill the CFPB altogether. PHH declares its opposition to the continued existence of the CFPB in a new […]

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  • Foreclosure Process in NY Expedited by Federal Ruling

    DSNEWS- A pivotal Federal Court decision concerning court jurisdiction for foreclosure lawsuits in New York was handed down on March 1, 2017, by Judge Nicholas G. Garaufis, United States District Judge for the Eastern District of New York. This ruling is important because in New York, foreclosures in the state court system now routinely take […]

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  • Trump’s Plan on Fannie and Freddie? Clues May Emerge Soon

    NYT- Fixing Fannie Mae and Freddie Mac, the mortgage finance giants that still operate under government supervision, is nowhere near the top of the Trump administration’s to-do list. Since the election, administration officials, including Steven T. Mnuchin, the United States Treasury secretary, have said little about their plans for the companies. But we will know […]

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  • TD Bank shares drop after report staff forced to meet ‘unrealistic’ targets

    CNBC- Shares of Toronto-Dominion Bank dropped Friday after Canadian news outlet CBC News reported that employees of the bank were being pressured to meet high sales revenue goals. The Canada-traded stock closed the day down more than 5 percent, tracking for its biggest one-day decline since April 2009. “We don’t believe [the CBC report] is […]

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  • Court denies motion for small Texas bank to intervene in PHH, CFPB case

    HW- State National Bank of Big Spring, Texas hit a major roadblock in its fight against the Consumer Financial Protection Bureau after a judge on Tuesday threw out its motion to intervene in the landmark case between PHH and the CFPB. The motion was a new plan from the bank, along with Competitive Enterprise Institute, which advocates for limited […]

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  • Whistle-blower can sue despite not contacting government, court says

    San Francisco Chronicles- A sales executive who said he was fired by a San Francisco company after reporting financial improprieties to a manager can sue the company as a whistle-blower even though he never contacted the government, a federal appeals court ruled Wednesday. Federal securities law “bars retaliation against an employee of a public company […]

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  • Mortgage Resolution Servicing, LLC (“MRS”) v JP Morgan Chase | Amended RICO Statement

              Summary RICO Violations: The Amended RICO Case Statement was filed on March 6, 2017.   In it, Plaintiffs allege that the Defendants (collectively, “Chase”) engaged in unlawful conduct by conducting or participating in the affairs of an enterprise through a pattern of racketeering activity involving mail and wire fraud, unfair collection […]

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  • Mortgage Resolution Servicing, LLC (“MRS”) v JP Morgan Chase | Fourth Amended Complaint

    UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK S&A CAPITAL PARTNERS, INC., MORTGAGE RESOLUTION SERVICING, LLC; and 1ST FIDELITY LOAN SERVICING, LLC, Plaintiffs v. JPMORGAN CHASE BANK, N.A., JP MORGAN CHASE & COMPANY, and CHASE HOME FINANCE LLC Defendants.

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  • Borrower Wins Key Victory in Madden v. Midland

    Lexology- A federal judge has ruled that New York law—not Delaware law as the parties agreed in the initial loan agreement—applies to the defaulted borrower’s claims and has certified a class action against the debt collector. On February 27, U.S. District Judge Cathy Seibel issued a long-awaited decision in Madden v Midland Funding, LLC. The […]

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  • GOLDMAN SACHS: Trump’s regulatory reform will benefit 3 banks more than the others (C, BAC, JPM)

    Market Insider- President Donald Trump’s promise, and subsequent executive order, to ease Obama-era regulations on Wall Street banks has been a major driver behind the rally in bank stocks since the election. A team of Goldman Sachs analysts led by Richard Ramsden, managing director at the firm, have come out with a research note exploring the potential […]

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  • Fannie And Freddie: Unconstitutional FHFA And White House Leaking A Recap Story Already?

    Seeking Alpha- Summary Motion for summary judgment filed in case to declare the FHFA unconstitutional. Earlier CFPB ruling could set the stage. Is the Trump administration already starting to create the “recap and release” narrative? By Parke Shall For a little bit of history, the Consumer Financial Protection Bureau had recently been found to be […]

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  • Wall St. is misreading Trump, and a market bloodbath is imminent

    CNBC- Former top federal budget official David Stockman has a stark warning for investors: There’s going to be a disaster in Washington and you’re not going to see it coming. Stockman, an ardent critic of President Donald Trump, has strong doubts that the rosy view investors are taking on the economy can hold water in […]

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  • Wells Fargo Executives May Face Criminal Charges

    Bloomberg- Wells Fargo & Co. is facing a Justice Department probe that seeks to learn if executives hid details of a bogus account scandal from the board or regulators, according to Reuters. The investigation may lead to criminal charges for individual executives, the news service reported, citing people familiar with the matter who it didn’t identify. […]

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  • Wells Fargo commits $60B lending goal toward African American Homeownership

    Housingwire- Wells Fargo announced on Tuesday a $60 billion lending commitment to create at least 250,000 African American homeowners by 2027, directly addressing the lower homeownership rates in the African American community. The financial commitment serves to help a community that is slated to significantly increase. According to the U.S. Census Bureau, by the year […]

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  • Ben Carson, outsider with no government experience, confirmed to lead HUD

    Washington Post- Retired neurosurgeon Ben Carson was confirmed Thursday as secretary of the U.S. Department of Housing and Urban Development, bringing into President Trump’s Cabinet a Washington outsider with no prior government experience and a staunchly conservative view of public assistance. Support for Carson’s confirmation came down largely along party lines — 58-41 — highlighting […]

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  • Beshear reaches $2.8M settlement with national mortgage recording company MERSCORP

    Legislation Herald-Leader Kentucky Attorney General Andy Beshear said Tuesday that the state treasury will reap $2.8 million from a settlement his office has made with a national mortgage recording company. Beshear also said the settlement will offer Kentucky homeowners some of the best mortgage protections in the country. He is recommending that lawmakers use the […]

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  • J.P. Morgan Chase Is Acting Like Donald Trump’s Dodd Frank Repeal Isn’t Happening

    Fortune- J.P. Morgan Chase, the nation’s largest bank, isn’t planning on ramping up risk, even if Donald Trump does “do a number” on Dodd-Frank. Earlier this month, Lloyd Blankfein, CEO of rival Goldman Sachs, said that he would like to operate his bank with less capital and take on more risk if regulators let him. […]

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  • Lynn Szymoniak Not Proper Whistle-Blower? 4th Circuit Affirms Dismissal Of False Claims Act Allegations Against Bank

    Lexus Legal News- The Fourth Circuit U.S. Court of Appeals on Feb. 16 affirmed a district court’s dismissal of claims for violation of the False Claims Act (FCA) against a bank, finding that a borrower failed to show that it was involved in a scheme that resulted in the submission of false claims (United States, […]

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  • CEOs of Goldman Sachs, JPMorgan are worth $261 million more since election

    Washington Post- CEOs at the country’s largest publicly traded companies may not have been big supporters of Donald Trump during his campaign. But in the three months since the election, many are surely happy to see that the value of their personal holdings of company stock has grown — and substantially so, in some cases. According to a newly released […]

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  • Ocwen Sets Aside $12.5M for Potential CFPB Settlement

    National Mortgage News- Ocwen Financial Corp. has reserved $12.5 million to put toward a potential settlement with the Consumer Financial Protection Bureau. Ocwen disclosed the sum Thursday in a filing with the Securities and Exchange Commission. The West Palm Beach, Fla.-based company has been in negotiations with the CFPB to resolve concerns regarding its servicing […]

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  • Senate Adds Another Foreclosure Kingpin To Trump’s Cabinet

    HuffingtonPost- The first, Steven Mnuchin, Trump’s treasury secretary, invested in and ran OneWest bank, which foreclosed on tens of thousands of Americans in the aftermath of the 2008 financial crisis. During his Senate confirmation hearing, he denied that his bank used the illegal practice of robo-signing, but public documents obtained by The Columbus Dispatch showed […]

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  • Score One for the Bank Whistle-Blowers

    NYT- Here is something to celebrate: The United States Supreme Court just handed whistle-blowers one of their bigger wins in a long time. People who expose wrongdoing in the workplace or among government contractors have taken a beating in recent years. The Obama Administration was especially assiduous in its pursuit of whistle-blowers, and President Trump […]

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  • Ocwen expects another loss in 2017 thanks to NYDFS, CFPB regulatory issues

    Housing Wire- Despite the California Department of Business Oversight removing the state’s mortgage servicing restrictions on Ocwen Financial, the nonbank is still prohibited from acquiring mortgage servicing rights in bulk, the company’s executives told investors on Wednesday. As Ocwen CEO Ron Faris noted in his opening remarks, Ocwen is still prohibited from acquiring MSRs in […]

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  • Here Are All The Favors Donald Trump Has Performed For Wall Street

    Huffington Post- Donald Trump built his presidential campaign around two ideas: 1) a corrupt financial establishment had swindled the middle class, and 2) immigrants and foreigners are dangerous. Some combination of these two sentiments has fueled every American populist movement dating back to President Andrew Jackson. Populists can take credit for plenty of economic progress: child labor […]

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  • DNC Chair Candidate Tom Perez’s Bank-Friendly Record Could Kneecap the Democratic Party

    The Intercept- “WHY DOES NOBODY ever go to jail?” asked Mandy Grunwald, a messaging guru for the Hillary Clinton campaign, in an email in 2015 to eight other top campaign officials. She was responding to a settlement announced by the Department of Justice with several large banks that had manipulated foreign exchange markets. Though the banks pled […]

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  • Fannie Mae, Freddie Mac shares plunge after court’s ruling

    Washington Post- Fannie Mae and Freddie Mac shares plunged Tuesday after a federal appeals court denied legal claims by investors who were seeking to stop the U.S. government from seizing the profits of the mortgage giants. Fannie shares sank 35 percent to $2.71. Freddie shares tumbled 38 percent to $2.47. Hopes for reform of the […]

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  • Supreme Court breathes new life into whistleblower case against Wells Fargo

    The Charlotte Observer – With a ruling Tuesday, the U.S. Supreme Court revived a long-running whistleblower lawsuit that accused Wachovia’s investment bank of violating accounting rules and skirting internal controls to pursue short-term profits. The Supreme Court vacated a judgment in August 2016 by the U.S. Appeals Court for the Second Circuit that had affirmed […]

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  • Wells Fargo Places L.A. Exec on Leave Amid Rate-Lock Fee Inquiry

    ProPubica- Wells Fargo has placed the executive in charge of its Los Angeles County home-lending operation on leave amid an internal investigation of its mortgage fee practices. Last month, ProPublica reported that Wells Fargo had improperly charged customers to extend their promised interest rate when their mortgage paperwork was delayed, according to former bank employees. […]

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  • Consumer Financial Protection Bureau v HARBOUR PORTFOLIO ADVISORS, LLC – CFPB Has Authority To Request Seven Years’ Worth Of Foreclosure Documents

    UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION CONSUMER FINANCIAL PROTECTION BUREAU, Petitioner, v. HARBOUR PORTFOLIO ADVISORS, LLC; NATIONAL ASSET ADVISORS, LLC; and NATIONAL ASSET MORTGAGE, LLC; Respondents. OPINION AND ORDER GRANTING PETITION TO ENFORCE CIVIL INVESTIGATIVE DEMANDS [1] On November 29, 2016, Petitioner Consumer Financial Protection Bureau (the “Bureau”) petitioned this Court […]

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  • Wells Fargo fires 4 execs over bogus accounts

    CBS- Wells Fargo’s (WFC) board of directors fired four senior managers as part of its investigation into the bank’s sales practices scandal. Tuesday’s announcement is the first public firing of managers and executives since Wells acknowledged in September that its employees opened up to 2 million bank and credit card accounts without customer authorization in […]

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  • A CORPORATE DEFENDER AT HEART, FORMER SEC CHAIR MARY JO WHITE RETURNS TO HER HAPPY PLACE

    Intercept- MARY JO WHITE, whose tenure as chair of the Securities and Exchange Commission under President Obama bitterly disappointed those who hoped she would aggressively enforce banking laws, is rejoining the corporate defense team at Debevoise & Plimpton, marking her sixth trip through the revolving door between various government jobs and the white-collar defense law […]

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  • Court: CFPB Has Authority To Request Seven Years’ Worth Of Foreclosure Documents

    Consumerist- Back in November, the Consumer Financial Protection Bureau filed a lawsuit against one of the nation’s largest providers of seller-financed homes after it failed to comply with a subpoena to turn over documents related to home foreclosures. This week, a judge upheld the Bureau’s authority to request the documents from Harbour Portfolio Advisors.  A […]

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  • How Donald Trump became Deutsche Bank’s biggest headache

    It’s no surprise the bank that likes to say yes to Trump is reviewing its arrangements with him now he is president The Guardian- The language was scathing, the tone sarcastic. “[Donald] Trump proclaims himself the archetypal businessman, a deal-maker without peer,” the memo said. It mentioned Trump’s boast that he was worth “billions of […]

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  • Client Alert: Fourth DCA Reverses Itself in Ober, Restores Certainty with Foreclosures

    JD Supra- Back in October, Shumaker published a Client Alert which described the judicial uncertainty generated by the decision in Ober v. Town of Lauderdale-by-the-Sea, 41 Fla. L. Weekly 1978, Case No. 4D14–4597 (Fla. 4th DCA, August 24, 2016).  In Ober, the Fourth District Court of Appeal (the “Court”) held that the lis pendens statute […]

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  • SEC Chief Scales Back Powers of Enforcement Staff

    WSJ- The new Republican leader of the Securities and Exchange Commission has imposed fresh curbs on the agency’s enforcement staff, scaling back their powers to initiate investigations of alleged financial misdeeds. The move by Michael Piwowar—named acting head of the agency in late January by the Trump administration—narrows actions launched during the Obama administration designed […]

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  • Colorado says it wants at least $16 million from Castle in foreclosure lawsuit

    The Denver Post- Colorado’s attorney general’s office says former foreclosure attorney Larry Castle, his wife and two businesses in which he allegedly held a financial interest should have to pay $16 million to $26 million if the state wins its long-running lawsuit against them. The amount could grow even larger if a Denver district court […]

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  • MORTGAGE RESOLUTION SERVICING, LLC “MRS” v JPMORGAN CHASE BANK | SDNY – Fraud and Tort Claims Stick… Amend RICO Claims

    UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ——————————————————-x MORTGAGE RESOLUTION SERVICING, LLC, et al., Plaintiffs, -v-                     No. 15 CV 293-LTS-JCF JPMORGAN CHASE BANK, N.A., et al., Defendants Excerpts: Plaintiffs Mortgage Resolution Servicing, LLC (“MRS”), S&A Capital Partners, Inc. (“S&A”), and 1st Fidelity Loan […]

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  • Moody’s Whistleblower Wants Cut of $864M Subprime Settlement

    NY Law Journal- Former Moody’s executive and whistleblower Ilya Eric Kolchinsky is pressing for compensation, saying the U.S. government is not crediting him with helping it obtain an $864 million settlement over inflated credit ratings on subprime mortgage securities. The January agreement between Moody’s, the federal government, and 21 states and the District of Columbia […]

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  • Fannie Mae exec with ties to Mnuchin is among candidates for consumer protection boss

    CNBC- The White House is considering a top official at Fannie Mae to head the Consumer Financial Protection Bureau, according to two people familiar with the discussion. Brian Brooks is currently the mortgage financing giant’s general counsel and has close ties to Treasury secretary nominee Steven Mnuchin. Brooks represented several of the investors in Mnuchin’s […]

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  • Foreclosure Litigation Strategy Takes Aim at Seniors, Attorneys Say

    DBR- Felicia El Hassan had already lost one house. During turbulent times decades earlier in communist Cuba, she’d been forced to surrender property before fleeing to America. The 86-year-old woman thought those days were far behind her after living quietly for nearly 20 years in a modest house in Opa-locka, a working-class neighborhood in northern […]

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  • Decade After Crisis, No Resolution for Fannie and Freddie

    NYT- Fannie Mae, the gigantic government-sponsored mortgage service entity, has guaranteed $1 billion of debt backed by Invitation Homes, the single-family rental business owned by the giant private equity firm Blackstone. In making the guarantee, Fannie is taking a big leap into the growing home rental market, in which Blackstone is the biggest player. But […]

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  • Wall Street is getting worried about Trump

    Money CNN- Powerful voices on Wall Street are expressing concern that President Donald Trump isn’t going to be everything that investors had hoped for. In recent days, three of the nation’s largest banks have issued reports that highlight the risks that come with a Trump presidency. They are warning investors to be careful. U.S. stocks […]

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  • 2 Cities To Pull More Than $3 Billion From Wells Fargo Over Dakota Access Pipeline

    NPR- Seattle’s City Council has voted to not renew its contract with Wells Fargo, in a move that cites the bank’s role as a lender to the Dakota Access Pipeline project as well as its creation of millions of bogus accounts. As a result, the city won’t renew its contract with the bank that expires […]

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  • Jamie Dimon’s holdings have surged by $229 million since his 2016 ‘bottom’ buy

    CNBC- The JPMorgan Chase CEO stood amid the tumult and said the market was cheap. He backed up his belief by purchasing 500,000 shares of his company’s stock, which was tanking at the time. He never actually called a market trough, but many in the market since then have referred to it as the “Dimon […]

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  • Extreme Vetting, But Not for Banks

    Rollingstone- Donald Trump, the man who positioned himself as the common man’s shield against Wall Street, signed a series of orders today calling for reviews or rollbacks of financial regulations. He did so after meeting with some friendly helpers. Here’s how CNBC described the crowd of Wall Street CEOs Trump received, before he ordered a […]

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  • JPMorgan to pay Lehman $797.5 million to end litigation over collapse

    Reuters- JPMorgan Chase & Co (JPM.N) will pay $797.5 million in cash to end all litigation brought on behalf the former Lehman Brothers Holdings Inc, whose September 2008 collapse triggered a global financial crisis. The settlement made public on Wednesday requires approval by U.S. Bankruptcy Judge Shelley Chapman in Manhattan. It follows JPMorgan’s agreement last […]

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  • Bringing Back Glass-Steagall: Will Trump break up the big banks?

    MONEY CNN- Wall Street stalwart JPMorgan Chase CEO Jamie Dimon is heading to Washington on Friday to meet with President Trump. It will be Dimon’s first meeting with Trump as part of the president’s CEO advisory group. The summit is likely to feature lots of talk about slashing burdensome regulation, including on banks. Trump just […]

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  • Trial ends for foreclosure law firm accused of conspiring to inflate prices

    ABAJOURNAL- A lawyer for the state of Colorado argued last week that Colorado’s largest foreclosure law firm conspired with competitors and related businesses to fix prices and maximize profits. The Denver-based Castle Law Group, along with the husband and wife team who ran it, are facing a civil suit that claims the law firm made […]

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  • Wall Street believes a myth about Donald Trump’s presidency. It will face a rude awakening.

    WAPO- The market can remain irrational longer than you can explain that President Donald Trump is going to have a hard time keeping his economic promises. It’s not quite as catchy, but it’s probably what John Maynard Keynes would have to say about the Dow’s run-up in response to the election if he were around […]

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  • The Coming Trump Financial Crash

    HuffPO- If the Trump administration does just half of what it says it’s going to do in economic policy and financial regulation, another financial crash is almost certain and sooner rather than later. Worse yet, if they do that, the next crash will be much worse than the last one. Why another crash? Because it […]

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  • CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme

    Real Estate Brokers and Mortgage Servicer That Took Kickbacks from Prospect Also Ordered to Pay $495,000 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals. The CFPB also took action against two real estate brokers and […]

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  • Remember Robo-Signing at Banks? Neither Does Mnuchin

    Bloomberg View- The question could not have been more straightforward: During the foreclosure crisis that began after the housing bubble burst, did OneWest Bank engage in the illegal practice of “robo-signing” to speed foreclosures of homeowners? OneWest was formerly known as Indy Mac, the troubled thrift taken over by the federal government and sold to […]

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  • The Goldman Sachs Effect: How a Bank Conquered Washington

    Truth Out- Irony isn’t a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne the cost. Washington flourished — but […]

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  • Trump treasury pick Mnuchin misled Senate on foreclosures, Ohio cases show

    Dispatch- President Donald Trump’s nominee for U.S. treasury secretary was untruthful with the Senate during the confirmation process, documents uncovered by The Dispatch show. Steve Mnuchin, former chairman and chief executive officer of OneWest Bank, known for its aggressive foreclosure practices, flatly denied in testimony before the Senate Finance Committee that OneWest used “robo-signing” on […]

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  • Wells Fargo Complaints Vanish From Labor Department Website

    HuffPO- In the latest example of an apparent information purge by the Trump administration, bank employee complaints against Wells Fargo have vanished from the federal Department of Labor’s website. The entire page established to help protect whistleblowers and collect complaints against the bank has been “disappeared.” The page was created in September when the Labor Department […]

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  • Jamie Dimon takes White House meeting

    The Hill- Jamie Dimon, chief executive of JPMorgan Chase, was spotted Friday taking a meeting at the White House. Dimon was seen leaving the West Wing by reporters Friday afternoon. He told the press that he had been meeting with Gary Cohn, who had just become head of President Trump’s National Economic Council after leaving […]

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  • A Citigroup Lawyer Helped Trump Pick Bank Regulators, Then Returned To Work At The Bank

    A “coup for Citi and catastrophe for consumers,” a transparency advocate said. Huffington Post- Sometimes the revolving door spins fast. Before President Donald Trump was inaugurated, Julie Lindsay, a top lawyer at Citigroup, was working for the president-elect to fill key posts at agencies that are supposed to oversee banks — including the Consumer Financial […]

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  • Wilbur Ross was accused of making two suspiciously timed trades while serving on the board of an embattled mortgage company

    Mother Jones- Wilbur Ross, Donald Trump’s pick for commerce secretary, is a legendary corporate raider who made billions of dollars buying failing companies and flipping them for a profit. But as he built his $2.5 billion fortune, Ross and his private equity firm, WL Ross & Co., have faced several lawsuits and regulatory actions accusing […]

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  • Government’s Fannie Mae will back PE giant Blackstone’s rental homes debt

    CNBC- Mortgage giant Fannie Mae is getting into the single-family rental business in a big way. The government-backed agency said it is going into business with private equity giant and major housing player Blackstone by backing $1 billion in debt. Blackstone’s Invitation Homes filed for an initial public offering this week, and the Fannie Mae […]

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  • Mnuchin Lied About His Bank’s History of Robo-Signing Foreclosure Documents

    Intercept- TREASURY SECRETARY NOMINEE Steven Mnuchin lied in his written responses to the Senate Finance Committee, claiming that “OneWest Bank did not ‘robo-sign’ documents,” when ample evidence proves that they did. Mnuchin ran OneWest Bank from 2009 to 2015 in a manner so ruthless to mortgage holders that he has been dubbed the “Foreclosure King” […]

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  • Federal Banking Agencies Fine ServiceLink Holdings $65 Million For Improper Actions By Lender Processing Services, Inc. (LPS) Deficiencies

    Fine related to 2011’s industry-wide foreclosure settlement HW- In 2011, Lender Processing Services was part of a massive settlement with the government over industry-wide foreclosure misconduct that occurred after the housing crash. That settlement stemmed from document missteps in the third-party foreclosure process at some very large banks and mortgage servicers in the aftermath of […]

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  • Fla. Court Holds Payment Statement Sent After Consent Foreclosure Violated FCCPA, Rejects ‘Competent Attorney’ Standard

    Lexology- The Appellate Division of the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida recently reversed summary judgment in favor of a mortgage loan servicer in a case filed by a borrower under the Florida Consumer Collections Practices Act (FCCPA), holding that: (a) the account statement at issue improperly […]

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  • Credit Suisse Agrees to Pay $5.28 Billion in Connection with its Sale of Residential Mortgage-Backed Securities

    The Justice Department announced today a $5.28 billion settlement with Credit Suisse related to Credit Suisse’s conduct in the packaging, securitization, issuance, marketing and sale of residential mortgage-backed securities (RMBS) between 2005 and 2007.  The resolution announced today requires Credit Suisse to pay $2.48 billion as a civil penalty under the Financial Institutions Reform, Recovery […]

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  • Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit

    Reuters- A U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG (DBKGn.DE) liable to investors, including dozens of portfolios from BlackRock Inc (BLK.N) and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities. The proposed class-action lawsuit sought to recover “significant monetary damages” arising […]

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  • SCOTUS to Decide Whether Entity is FDCPA ‘Debt Collector’ Merely Because It Purchases Defaulted Debt

    Lexology- The Supreme Court of the United States recently decided that it will review the decision of the U.S. Court of Appeals for the Fourth Circuit in Henson v. Santander Consumer USA, Inc. As you may recall from our prior update, the U.S. Court of Appeals for the Fourth Circuit held that the fact that […]

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  • CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes

    Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork JAN 23, 2017 WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took separate actions against CitiFinancial Servicing and CitiMortgage, Inc. for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the dark […]

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  • JPMorgan hikes Jamie Dimon’s pay to $28 million

    Business Insider- His package includes a base salary of $1.5 million as well as cash and stock-related instruments that are tied to Dimon’s performance, the filing with the U.S. Securities and Exchange Commission said. The bank on Friday January 13 reported Q4 earnings, which beat analysts’ expectations and marked a record-breaking quarter. “2016 demonstrated the strength […]

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  • How Deutsche Bank Made a $462 Million Loss Disappear

    A dubious trade leads to a criminal trial for Europe’s most important bank. Bloomberg- On Dec. 1, 2008, most of the world’s banks were still panicking through the financial crisis. Lehman Brothers had collapsed. Merrill Lynch had been sold. Citigroup and others had required multibillion-dollar bailouts to survive. But not every institution appeared to be […]

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  • Deutsche Bank Now Has — Count ’Em — Five Outside Monitors

    Bloomberg Law Business- Banks that settle government investigations often receive an outside monitor to ensure that they make good on their promises to reform. Deutsche Bank AG now has five. To resolve the Justice Department’s investigation over its mortgage-backed securities business, the bank agreed Tuesday to a $7.2 billion penalty, more than half of which will provide […]

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  • Brown asks for FBI files tied to Mnuchin company

    The Hill- A top Senate Democrat is pressing the FBI for any information it may have about a possible probe into a film production company with deep ties to President-elect Donald Trump’s pick to head the Treasury Department. After a public records request indicated that there could be “enforcement proceedings” involving the company Relativity Media, […]

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  • NY AG reportedly investigating Nationstar Mortgage, OneWest Bank reverse mortgage divisions

    HW- New York Attorney General Eric Schneiderman is investigating practices related to the servicing of reverse mortgages at Financial Freedom, a part of OneWest Bank, and at Champion Mortgage, a unit of Nationstar Mortgage, as the state further heightens its recent focus on reverse mortgages, an article in The Wall Street Journal by Annamaria Andriotis […]

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  • Supreme Court limits Fannie Mae’s ability to take cases to federal court

    HousingWire- In a unanimous opinion handed down Wednesday, the Supreme Court limited Fannie Mae’s ability to transfer cases to federal court, ruling that the government-sponsored enterprise’s charter does not grant it the right to move all state cases to the federal level. The decision, written by Justice Sonia Sotomayor, overturns a lower court’s ruling, which […]

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  • JPMorgan pays $55M to settle mortgage discrimination lawsuit

    USA Today- JPMorgan Chase agreed to a settlement with the U.S. government over allegations that it discriminated against “thousands” of black, Hispanic mortgage borrowers from 2006 through 2009. The bank’s independent brokers charged minority borrowers higher mortgage interest rates and fees during that period, compared to “similarly situated white borrowers,” according to a government lawsuit filed […]

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  • U.S. sues JPMorgan for alleged mortgage discrimination

    Reuters- The United States on Wednesday sued JPMorgan Chase & Co, accusing the bank of discriminating against minority borrowers by charging them higher rates and fees on home mortgage loans between 2006 and at least 2009. Filed in a Manhattan federal court, the government’s complaint accused the bank of violating the U.S. Fair Housing Act […]

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  • How Barack Obama paved the way for Donald Trump

    The Guardian- To celebrate its 225th anniversary, the US Mint and Treasury last week unveiled plans to issue a 24-carat commemorative coin depicting Lady Liberty as an African-American woman. With full lips and braided hair tied back in a bun, her gold-embossed profile is framed by the words “LIBERTY” above and “In God We Trust” […]

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  • Deutsche Bank agrees to pay $7.2 billion in settlement over misconduct in mortgage securities

    CNBC- Deutsche Bank agreed on Tuesday to pay $7.2 billion for misleading investors in its sale of residential mortgage-backed securities, among the largest resolutions of its kind. The U.S. Justice Department said the settlement requires Germany’s largest lender to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act. It […]

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  • Dems push for outside witnesses at Mnuchin hearing

    The Hill- Senate Democrats are pushing to allow families impacted by the business practices of President-elect Donald Trump‘s Treasury secretary nominee to testify at his confirmation hearing. A group of 25 Senate Democrats sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-Utah) on Friday requesting the testimony at the hearing for Treasury secretary […]

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  • 11th Circ. Revives Suit Alleging JPMorgan Aided $1.3M Scam

    Law 360- The Eleventh Circuit on Friday revived a Florida man’s suit accusing JPMorgan Chase of helping a fraudster siphon $1.3 million of his money out of a Chase account, ruling the man had presented sufficient evidence that bank employees knew a scam was underway. In a 19-page, unpublished opinion, a three-judge panel reversed U.S. District Judge […]

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  • Justice Department and State Partners Secure Nearly $864 Million Settlement With Moody’s Arising From Conduct in the Lead up to the Financial Crisis

    Justice Department and State Partners Secure Nearly $864 Million Settlement With Moody’s Arising From Conduct in the Lead up to the Financial Crisis Settlement Involves Significant Commitment by Moody’s to Improve Business Practices The Department of Justice, 21 states, and the District of Columbia reached a nearly $864 million settlement agreement with Moody’s Investors Service […]

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  • Wall Street’s Win-Win With Trump

    Truth-Out During the 2016 campaign, pundits claimed that Donald Trump’s proposed economic policies would bring the end of the world as we know it. Moody’s Analytics predicted his plans, particularly those involving trade and the budget deficit, could trigger a severe recession. Others asserted that Trump’s election would cause a severe stock market selloff. The Wall Street […]

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  • Morgan Stanley Paying $13 Million Penalty for Overbilling Clients and Violating Custody Rule

    FOR IMMEDIATE RELEASE 2017-12 Washington D.C., Jan. 13, 2017 —The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney has agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors.  The firm also violated the custody rule pertaining to […]

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  • JPMorgan and Bank of America Drop Huge Clues U.S. Housing Recovery Is in Trouble

    The Street- It doesn’t look like higher mortgage rates, which came about following Donald Trump’s presidential election win in November and the Federal Reserve’s rate hike in December, totally ruined the appetites of people looking to purchase homes in the fourth quarter. Bank of America (BAC) reported Friday that total mortgage production volume — which includes a […]

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  • Democrats can’t win until they recognize how bad Obama’s financial policies were

    WAPO- During his final news conference of 2016, in mid-December, President Obama criticized Democratic efforts during the election. “Where Democrats are characterized as coastal, liberal, latte-sipping, you know, politically correct, out-of-touch folks,” Obama said, “we have to be in those communities.” In fact, he went on, being in those communities — “going to fish-fries and sitting in […]

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  • MERS, MERSCORP’s Morgan, Lewis & Bockius is Part of Trump’s Transition Team!

      As well as represents Trump Foundation…and just last year it was named Russia Law Firm of the Year! National Law Journal- The Trump camp continues to draw DOJ transition officials from the nation’s largest law firms. The newest members are McGuireWoods partner J. Patrick Rowan, the former head of the National Security Division; Morgan, Lewis […]

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  • HSBC Pays $32.5 Million to Settle Claims on Faulty Foreclosures

    Bloomberg- HSBC Holdings Plc will pay $32.5 million to settle claims that it failed to follow a U.S. regulator’s orders to improve mortgage foreclosure practices that led to borrowers being harmed after the 2008 credit crisis. The Office of the Comptroller of the Currency levied the fine after concluding that HSBC is now in compliance […]

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  • Wall Street hates the Volcker Rule. Will Trump finally kill it?

    NBC-2 Big banks shouldn’t act like hedge funds by making dangerous bets that can ruin the economy. That’s the principle behind the Volcker Rule, a controversial part of the post-crisis Wall Street reform. The rule prohibits banks like Goldman Sachs or JPMorgan from making risky wagers with their own money and bans them owning big […]

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  • Gov. Cuomo proposes plan to ban bankers with ‘unacceptable behavior’ in New York

    NY Daily News- The state would be able to ban bad actors from the financial services industry under a proposal Gov. Cuomo announced Sunday. The plan, which Cuomo will discuss in his State of the State speeches this week, is meant to beef up New York’s powers to crack down on shady bankers like those […]

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  • Rep. Maxine Waters Calls for HUD, DOJ to Release OneWest Investigation Documents

    Washington, DC, January 9, 2017 Following her statement denouncing President-elect Trump’s nomination of Steve Mnuchin as Treasury Secretary, Congresswoman Maxine Waters (D-CA) called on the Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) to immediately release documents pertaining to investigations into any fraudulent or discriminatory activities committed by Mnuchin’s bank, […]

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  • Top House Dem calls on feds to release Mnuchin investigation documents

    The Hill- The top Democrat on the House Financial Services Committee is asking federal agencies to release documents from any investigations into President-elect Donald Trump’s nominee for Treasury Secretary. Rep. Maxine Waters (D-Calif.) in a letter released Monday asked the Department of Justice and the Department of Housing and Urban Development (HUD) to release materials […]

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  • Kamala Harris Fails to Explain Why She Didn’t Prosecute Steven Mnuchin’s Bank

    The Intercept- FORMER CALIFORNIA ATTORNEY General Kamala Harris on Wednesday vaguely acknowledged The Intercept’s report about her declining to prosecute Steven Mnuchin’s OneWest Bank for foreclosure violations in 2013, but offered no explanation. “It’s a decision my office made,” she said, in response to questions from The Hill shortly after being sworn in as California’s […]

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  • Whistleblower Lynn Szymoniak, Accused Shyster

    Huffington Post- Do you remember how you felt when they told you the Easter Bunny and Santa Claus weren’t real? Maybe you’d figured that out on your own, or maybe you were like my younger brother and heard it from me when you were five years old — he’s still recovering from that trauma. I […]

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  • 4 Facts About Covington & Burling, Eric Holder’s Law Firm Poised to Fight Trump

    Breibart- Now that legislative leaders in California have hired law firm Covington & Burling and Eric Holder to offer legal counsel to the state during Donald Trump’s presidency, it is worth noting a few facts about the high-profile firm the former attorney general helps lead. continue reading BREITBART

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  • Donald Trump is going to appoint Pam Bondi, who got an illegal payment from the Trump Foundation, to a White House spot

    The Trump Foundation is under investigation in part because of an illegal contribution it made to Pam Bondi Salon- It is now being reported that Florida Attorney General Pam Bondi, a member of Donald Trump’s transition team who has a history with the president-elect, is being considered for an appointment in the Trump White House. When the […]

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  • Trump picks Wall Street lawyer Jay Clayton to lead SEC

    CNN- President-elect Donald Trump’s choice to be the next top cop of Wall Street is Jay Clayton, an elite lawyer who has defended big banks for their financial crisis-era misbehavior. Trump announced his SEC pick on Wednesday and explained that Clayton’s background as a Wall Street lawyer will help unleash the “job-creating power” of the […]

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  • Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo

    The Intercept- ONEWEST BANK, WHICH Donald Trump’s nominee for treasury secretary, Steven Mnuchin, ran from 2009 to 2015, repeatedly broke California’s foreclosure laws during that period, according to a previously undisclosed 2013 memo from top prosecutors in the state attorney general’s office. The memo obtained by The Intercept alleges that OneWest rushed delinquent homeowners out […]

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  • Justice Department Reaches Settlement with Ohio-Based Banks to Resolve Allegations of Lending Discrimination

    Justice Department Reaches Settlement with Ohio-Based Banks to Resolve Allegations of Lending Discrimination Settlement Provides $9 Million to Ensure Equal Lending Services to African-American Communities in Ohio and Indiana The Justice Department filed a consent order today to resolve allegations that Union Savings Bank and Guardian Savings Bank engaged in a pattern or practice of […]

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  • Trump’s Financial Deregulation Might Be Bad News for Banks After All

    WSJ- Bank stocks have surged since the election on hopes that President-elect Donald Trump will roll back financial rules. But deregulation, for the biggest institutions at least, might come with a catch: tougher limits on borrowing. Some influential voices in Mr. Trump’s world insist banks should, as a quid pro quo for rolling back some […]

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  • Fidelity National Unit Said to Near Settlement Over Robo-Signing

    Regulators seeking $65 million in discussions with former LPS LPS was acquired during five-year talks over foreclosure flaws Bloomberg- A Fidelity National Financial Inc. subsidiary is in final talks to pay as much as $65 million to resolve U.S. government accusations that it contributed to improper and fraudulent foreclosures after the 2008 credit crisis, according […]

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  • Wells Fargo Is Trying to Fix Its Rogue Account Scandal, One Grueling Case At a Time

    The bank said it will compensate thousands of customers with unwanted accounts and cards; how do you calculate cost of a damaged credit score? WSJ- Aaron Brodie has been dogged by poor credit for five years, the result, he said, of a Wells Fargo & Co. banker giving him a credit card he didn’t ask for. Hearing […]

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  • Prosecutor to investigate Trump-related complaint against Florida AG Pam Bondi

    First Coast News- Gov. Rick Scott has assigned a complaint filed against Attorney General Pam Bondi to a prosecutor in southwest Florida. The complaint stems from scrutiny this year over a $25,000 campaign contribution Bondi received from President-elect Donald Trump in 2013. Bondi asked for the donation around the same time her office was being […]

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  • Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes

    When Steven Mnuchin ran OneWest, the bank aggressively and in some cases, wrongly, foreclosed on elderly homeowners with reverse mortgages. The bank had a disproportionate share of such foreclosures.   Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes by Paul Kiel and Jesse Eisinger ProPublica, Dec. 27, 2016, 8 a.m. In […]

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  • How Deutsche’s big bet on Wall Street turned toxic

    REUTERS- Deutsche Bank’s pursuit of success on Wall Street has come at a high price, a $7 billion plus penalty illustrating the extent of its decline since 2008 when its then chief executive claimed it was one of the “strongest banks in the world”. Expanding from its roots in Germany dating back to 1870, Deutsche […]

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  • Embattled JPMorgan Chase CEO uses Detroit as backdrop in Bloomberg puff-piece

    Metro Times- What does an embattled CEO of a multinational bank do when he needs his image refurbished? Why, sit down for a nice fireside chat with Bloomberg Businessweek, of course — using Detroit “the comeback city” as a backdrop. On Thursday morning, the weekly business magazine posted a sprawling, puffy Q&A with Jamie Dimon, CEO of JPMorgan […]

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  • Spanish Banks Ordered to Repay Billions to Mortgage Borrowers

    A full reimbursement for clients who had ‘mortgage floors’ could cost banks billions in back payments WSJ- Spanish lenders might have to pay billions of euros back to borrowers after the European Union’s top court Wednesday ruled against the banks in a dispute over variable-rate mortgages. The European Court of Justice ruled that borrowers in […]

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  • Deutsche Bank agrees $7.2bn penalty with US regulators on the sale of residential mortgage-backed securities played a significant role in the 2008 financial crisis

    BBC- Germany’s Deutsche Bank says it has agreed a $7.2bn (£5.9bn) payment to US authorities over an investigation into mortgage-backed securities. The sum, which needs final approval, is far lower than the $14bn the US had asked the bank to pay in September. That looming fine had caused concerns that a failure of the bank […]

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  • United States Sues Barclays Bank to Recover Civil Penalties for Fraud in the Sale of Residential Mortgage-Backed Securities

    FOR IMMEDIATE RELEASE Thursday, December 22, 2016 United States Sues Barclays Bank to Recover Civil Penalties for Fraud in the Sale of Residential Mortgage-Backed Securities Two Former Barclays Executives Also Named in Suit  The United States Department of Justice today filed a civil complaint in the Eastern District of New York against Barclays Bank PLC […]

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  • Jamie Dimon on Trump, Taxes, and a U.S. Renaissance

    Bloomberg- We’re here in Detroit to look at what JPMorgan Chase has done with a five-year commitment to invest $100 million in the city. Why is an initiative like this good business for you as well as for Detroit? I would do it for moral reasons alone. But it is good business. We are the […]

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  • Foreclosure lawyers were tracked too closely to try anything fishy, attorney says

    Banks watched lawyers’ every move and pushed for speedy foreclosures, attorney says  DENVER POST- The Denver law firm that foreclosed on more Colorado homeowners than any other could not have padded its billings because the banks and federal mortgage insurers it represented micro-managed nearly every aspect of the process to ensure the speediest outcome, one […]

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  • Top foreclosure lawyer testifies she sold her house to defend fraud allegations

    Prosecutors say millions were needlessly charged to homeowners, banks and taxpayers Denver Post- One of Colorado’s top foreclosure lawyers on Tuesday tearfully described being forced to sell her multi-million-dollar home in Centennial — “The house I thought I would die in” — in order to pay lawyers defending her and her firm against a state […]

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  • Wells Fargo Scrambles to Deal With New Crisis

    WSJ- Wells Fargo & Co. chief Timothy Sloan received a terse call last Tuesday from the Federal Reserve and Federal Deposit Insurance Corp.: That afternoon the regulators would publicly announce the bank had flunked a vital test and would be slapped with first-of-their-kind penalties. The failure of the bank’s so-called living will test, even as […]

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  • Trump’s Treasury Pick Moves in Secretive Hedge Fund Circles

    NYT- As a hedge fund manager, Goldman Sachs trader and bank chief executive, Steven T. Mnuchin has long been a member of the financial elite. Yet even on Wall Street he was not widely known before Donald J. Trump chose him to be his campaign fund-raiser last spring. Now, Mr. Mnuchin is on a path to […]

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  • JPMorgan dethrones Deutsche as top CMBS bookrunner

    The Real Deal- For the first time in five years, there’s a new king atop of the CMBS mountain. JPMorgan was the most active underwriter this year with $12 billion worth of U.S. transactions, edging out Deutsche Bank and ending its five-year reign as the top CMBS bookrunner, according to Commercial Mortgage Alert. While U.S. […]

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  • Denver law firm on trial for allegedly bilking foreclosured homeowners

    State says Castle law firm allegedly fixed prices to maximize profits from homeowner misery Denver Post- As thousands of Coloradans battled to save their homes from foreclosure in the past decade, the owners of one law firm allegedly devised a scheme that eventually milked tens of millions of dollars from banks, homeowners and investors. That’s the […]

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  • Prudential Whistle-Blower Rocks the Boat on Wells Fargo Scandal

    Bloomberg- Julie Broderick had 15 years of experience as a securities regulator and a propensity for speaking her mind before joining Prudential Financial Inc. as an investigative supervisor in 2012. When she sought this year to learn more about possible sales abuses by one of the insurer’s business partners, she said, the message from her […]

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  • SUBMIT COMPLAINTS ABOUT STEVE MNUCHIN, TRUMP’S NOMINEE FOR THE SECRETARY OF THE TREASURY

    On November 30th, 2016, President-elect Trump named Steve Mnuchin to be the United States Treasury Secretary. Also known as the “Foreclosure King,” Mnuchin earned the nickname for his bank’s practice of buying distressed mortgages during the financial crisis and evicting thousands of homeowners. As the Chief Executive Officer and owner of OneWest Bank, Mnuchin oversaw […]

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  • JPMorgan Draws IRS Whistle-Blower Complaint Over Pension Funds

    Ex-employee says bank owes penalty for shirking fiduciary duty Plaintiff’s lawyer helped write 2006 whistle-blower provisions Bloomberg- PMorgan Chase & Co. paid more than $300 million a year ago to resolve regulators’ claims that the bank had failed to tell wealthy clients it was steering them into its own funds. Now it may have unfinished […]

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  • Goldman Sachs to settle U.S. rate-rigging lawsuit for $56.5 mln

    Reuters- Goldman Sachs Group Inc has agreed to pay $56.5 million to resolve a U.S. class action lawsuit accusing it and other banks of rigging an interest rate benchmark used in the $553 trillion derivatives market. The proposed settlement was disclosed in papers filed in federal court in Manhattan on Friday. It came after seven […]

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  • The Vampire Squid Occupies Trump’s White House

    After running against Goldman as a candidate, Donald Trump licks the boots of the world’s largest investment bank Rollingstone- Back on February 19th, during a primary-season speech in Myrtle Beach, South Carolina, Donald Trump directed a two-pronged rhetorical offensive against opponents in both parties. He started with Ted Cruz. Cruz’s campaign, Trump pointed out, had […]

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  • Lender Steering in Residential Mortgage Markets

    Lender Steering in Residential Mortgage Markets Sumit Agarwal Georgetown University, ushakri@yahoo.com Brent W. Ambrose Institute for Real Estate Studies and the Department of Risk Management, The Pennsylvania State University, bwa10@psu.edu Vincent W. Yao J. Mack Robinson College of Business, Georgia State University, wyao2@gsu.edu December 6, 2016 Abstract In this paper we examine the incentives for […]

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  • Obama Failed to Mitigate America’s Foreclosure Crisis

    The Atlantic- In My President Was Black, Ta-Nehisi Coates ably documents the material and representational advances of the past eight years. But any rendering of Barack Obama’s legacy is incomplete without including his failure to arrest the foreclosure crisis, or to hold anyone accountable for the widespread damage it inflicted. In fact, reading Coates’ hymn […]

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  • Dimon: I Don’t Think I’m Suited to Be Treasury Secretary

    JPMorgan Chief Executive Officer Jamie Dimon discussed President-elect Donald Trump’s nomination of prominent Wall Street figures for cabinet positions with Bloomberg’s Megan Murphy. Dimon spoke to Bloomberg Businessweek in Detroit for a Debrief event to air in full on Thursday December 22 and it will be published in the annual Good Business issue on newsstands […]

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  • NMS Monitor reports SunTrust failed one test in Q1 2016

    FOR IMMEDIATE RELEASE December 15, 2016 Contact: Hannah Harrill 919-508-7821 NMS Monitor reports SunTrust failed one test in Q1 2016; HSBC failed none Joseph Smith reports on HSBC and SunTrust’s NMS borrower treatment rules and HSBC’s consumer relief RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), reported on HSBC’s […]

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  • Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

    Dallas News- The Dallas Police and Fire Pension System’s Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests. The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the […]

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  • U.S. regulator launches hotline for ex-Wells Fargo bankers fired during scandal

    Reuters- A private U.S. regulator launched a hotline on Friday to hear from ex-Wells Fargo & Co employees who were fired for allegedly opening unauthorized accounts after news reports that the bank may have retaliated by terminating whistleblowers in the scandal. Federal regulators ordered the San Francisco-based bank to pay $190 million in fines and […]

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  • California to investigate Prudential insurance policies sold through Wells Fargo

    LA TIMES- lifornia Insurance Commissioner Dave Jones announced an investigation Monday into the sale of Prudential insurance policies by Wells Fargo & Co., marking the first time the bank’s unauthorized accounts scandal has widened to include another institution. The decision came the same day the Newark, N.J., insurer suspended the sale of policies through Wells Fargo branches […]

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  • Mowed Lawns or Broken Mailboxes: Foreclosure’s Unequal Toll

    NYT- Fair-housing advocates visited more than 2,300 foreclosures across the country and counted up all of their problems. The modest white house on Arlene Avenue in Dayton, Ohio, was an eyesore. The paint was peeling, and parts of the shutters were missing. The yard was thickly overgrown, and the back door, such as it was, […]

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  • How more deportations under Trump could lead to a spike in foreclosures

    CNN MONEY- President-elect Donald Trump’s vow to deport two to three million undocumented immigrants could spur an increase in foreclosures among Latinos and hurt the nation’s overall housing market, a new report finds. Researchers at Cornell University published a study this week that links an increase in deportations to a higher rate of foreclosure within […]

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  • Fannie Mae Announces Eviction Moratorium for the Holidays from December 19, 2016 through January 2, 2017

    Alicia Jones 202-752-5716 WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single-family properties during the holiday season. The suspension of evictions will apply to single-family and 2-4 unit properties from December 19, 2016 through January 2, 2017. During this period, legal and administrative proceedings for evictions may continue, […]

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  • Freddie Mac Announces Holiday Eviction Moratorium Dec. 19, 2016 to Jan. 3, 2017

    MCLEAN, VA–(Marketwired – Dec 12, 2016) – Freddie Mac (OTCQB: FMCC) announced today a nationwide suspension of eviction lock-outs between Dec. 19, 2016 and Jan. 3, 2017. The moratorium applies to all foreclosed, occupied homes owned by Freddie Mac. “Our announcement today is to help provide families with a greater measure of certainty during the […]

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  • Why Goldman Sachs Could Again Rule Wall Street

    WSJ- Wall Street’s “flow monsters” are suddenly looking less formidable. So far, the postelection trading world seems to be rewarding everyone on Wall Street. J.P. Morgan Chase & Co., Citigroup Inc. and others are projecting double-digit increases in trading revenue for the fourth quarter, executives said at an industry conference last week. But a postelection […]

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  • Jury Finds Allied Home Mortgage Entities and CEO Liable for Civil Mortgage Fraud – Awards $92 Million in Damages

    Jury Finds Allied Home Mortgage Entities and CEO Liable for Civil Mortgage Fraud – Awards $92 Million in Damages Also Face Trebling of Damages and Additional Mandatory Penalties for Fraudulent Conduct HOUSTON – A federal jury has found the entities formerly known as Allied Home Mortgage Capital Corporation (Allied Capital) and Allied Home Mortgage Corporation […]

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  • FHFA Announces Successful Implementation of Release 1 of the Common Securitization Platform

    Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that Release 1 of the Common Securitization Platform (CSP) was successfully implemented on November 21.  This means that Freddie Mac is now using the CSP for Data Acceptance, Issuance Support, and Bond Administration activities related to current single-class, fixed-rate, mortgage-backed securities. The implementation of […]

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  • Governor Cuomo Announces New Actions to Assist Homeowners Facing Foreclosure and Hold Banks and Mortgage Servicers Accountable For Maintaining “Zombie Properties”

    Consumer Bill Of Rights and Final Regulation and Are Final Pieces Of Sweeping Legislation Signed By Governor Cuomo to Assist Homeowners Facing Foreclosure Actions Combat Blight Created By Vacant and Abandoned Properties Across New York State Governor Andrew M. Cuomo today announced the Department of Financial Services has published a Consumer Bill of Rights for […]

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  • Bank can’t foreclose on man who didn’t sign mortgage

    Akron Legal News- A Mahoning County trial court erred by granting summary judgment to Bank of America in a foreclosure case in which the defendant failed to sign the promissory note and mortgage. In a 2-1 opinion, the 7th District Court of Appeals recently ruled against Bank of America’s claim it was a “mutual mistake” […]

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  • Trump transportation pick Elaine Chao made $1.2 million from Wells Fargo

    CNN MONEY- President-elect Donald Trump’s pick to lead the sprawling Transportation Department made $1.2 million while overseeing Wells Fargo as a director during the period the bank has admitted to creating millions of fake accounts. As a member of Wells Fargo (WFC)’s board since 2011, Elaine Chao was responsible for monitoring the bank’s actions as […]

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  • Taxpayers Have Now Made A $63 Billion Profit From Fannie Mae, Freddie Mac Bailouts

    Benzinga- Shares of Federal National Mortgage Assctn Fnni Me FNMA 6.67%and Federal Home Loan Mortgage Corp FMCC 7.15% have been all over the map in the past week following comments from newly-appointed Treasury Secretary Steven Mnuchin. When asked about Fannie Mae and Freddie Mac, Mnuchin said the Trump administration has “got to get them out […]

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  • Is Wall Street Trying to Rig Trump’s Business Advisory Panel?

    Wall Street On Parade- On December 2 President-elect Donald Trump’s transition team sent out a press release advising that he had formed a business advisory panel “which is composed of some of America’s most highly respected and successful business leaders, will be called upon to meet with the President frequently to share their specific experience […]

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  • Donald Trump names JPMorgan, Blackstone CEOs to advisory board

    HW- President-elect Donald Trump’s latest selection of leaders involves a new idea: the President’s Strategic and Policy Forum. The group is comprised of 16 CEOs, which includes Stephen Schwarzman, chairman, CEO, and Co-Founder of Blackstone, and Jamie Dimon, chairman and CEO of JPMorgan Chase. Schwarzman will also be the Forum chairman. Rumors originally swirled around Dimon […]

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  • National Fair Housing Alliance Accuses Mortgage Giant Fannie Mae of Racial Discrimination in 38 U.S. Metro Areas

    Mortgage Giant Fannie Mae Accused of Racial Discrimination in 38 U.S. Metro Areas  National Fair Housing Alliance and 20 Civil Rights Groups File Federal Lawsuit Over Neglected ForeclosuresWASHINGTON, D.C. — Today, the National Fair Housing Alliance (NFHA) and 20 local fair housing organizations from across the United States filed a housing discrimination lawsuit against Fannie […]

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  • JPMorgan CEO says bank may look to pay special dividend

    Reuters- The stock of JPMorgan Chase & Co (JPM.N) has been climbing so much that “at a certain price,” the company may consider issuing a special dividend to distribute excess capital rather than buying back additional stock, Chief Executive Jamie Dimon said on Tuesday. Dimon, speaking at an investor conference, said that if the stock […]

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  • Wall Street as Landlord: Blackstone Going Public with a $10 Billion Bet on Foreclosed Homes

    WSJ- Jonathan Gray of Blackstone Group LP went on the biggest homebuying spree in history after the U.S. foreclosure crisis, purchasing repossessed properties from the courthouse steps and through online auctions. Four years, $10 billion and roughly 50,000 homes later, he will find out if his gambit will pay off. Invitation Homes LP, the Dallas-based company […]

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  • How America’s foreclosure crisis helped make Donald Trump president

    QZ- Foreclosures helped put Donald Trump in the White House, and his choice for Treasury secretary, Steve Mnuchin, was in a good position to understand how. Mnuchin, a veteran financier, bought OneWest Bank after the financial crisis and ran it for six years before his consortium sold it for a $1.5 billion profit. In that […]

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  • Credit Restrictions Cost Home Buyers ‘Deal of a Lifetime’

    WSJ- Sean Dobson wanted to start a mortgage bank four years ago to serve borrowers with middling credit or irregular income. He eventually decided that growing regulatory hurdles and other costs would erase his returns. Instead, he purchased thousands of homes in states from Texas to Indiana and now rents them to people who might have been […]

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  • Trump taps Ben Carson for HUD secretary

    CNN- Ben Carson will be nominated as the next secretary of the Department of Housing and Urban Development, the Trump transition team announced Monday. “I am thrilled to nominate Dr. Ben Carson as our next Secretary of the US Department of Housing and Urban Development,” President-elect Donald Trump said in a statement. “Ben Carson has […]

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  • Lessons on leadership from Jamie Dimon

    Chase- Building and growing a successful business requires many different elements to come together. You need a great idea, financing, raving customers, passionate employees, and smart money management, just to name a few. There’s one thing all of these pieces require in order to come together and reach their fullest potential: exceptional leadership. Whether it’s […]

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  • Inside Trump Treasury nominee’s past life as ‘foreclosure king’ of California

    Steve Mnuchin was once CEO of OneWest bank, which has been accused of lending dubious mortgages to the elderly and evicting thousands in the state The Guardian- Lights flashing, three police cars showed up to Bill Montes-Pack’s quiet suburban street on the morning of 15 December 2015. The Benicia, California, man had stayed up all […]

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  • Trump treasury secretary pick Steven Mnuchin’s bank foreclosed on 90-year-old woman who owed 27 cents

    NY Daily News- A bank owned by Steven Mnuchin, Donald Trump’s Treasury secretary nominee, foreclosed on a 90-year-old Florida woman who owed 27 cents, reports revealed Thursday. The practices of OneWest Bank have received renewed scrutiny since the Republican president-elect announced the onetime Goldman Sachs banker as his pick Wednesday. Over 36,000 foreclosures followed Mnuchin […]

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  • Foreclosed Borrowers Poised to Haunt Mnuchin’s Nomination

    National Mortgage News- President-elect Donald Trump’s choice of Steven Mnuchin as Treasury secretary set off a flurry of angry responses from foreclosed homeowners that are likely to haunt the former CEO of OneWest Bank at his confirmation hearing next year. James Beekman, an Air Force veteran who owns a car wash in Florida, and has […]

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  • Trump unveils plan to dismantle Dodd-Frank Act

    “Bureaucratic red tape and Washington mandates are not the answer” Housingwire- Now that the dust is starting to settle from the election, a clearer picture is beginning to emerge of what types of actions President-elect Donald Trump will pursue once the “-elect” is removed from his title. Chief among those planned actions appears to a […]

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  • 21 Lawmakers Come Out To Defend The Consumer Financial Protection Bureau

    Consumerist- While most federal agencies will soon see a change in leadership and direction after President-elect Donald Trump takes office, the head of the Consumer Financial Protection Bureau is supposed to be shielded from such sudden changes. A recent court decision put that protection — and the future of the CFPB itself — in question, […]

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  • Fannie, Freddie need to get out of government ownership: Mnuchin

    Reuters- U.S. mortgage finance companies Fannie Mae (FNMA.PK) and Freddie Mac (FMCC.PK) ought to be privatized as soon as possible but in a fashion that ensures they do not again threaten the financial system, President-elect Donald Trump’s nominee to run the Treasury Department said on Wednesday. Steven Mnuchin, in an interview on Fox Business Network, […]

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  • Trump shifts from Wall St. villain to savior

    USA Today- How did Donald Trump go from a scary president-to-be in the eyes of Wall Street on election night to a bullish catalyst that has propelled the U.S. stock market to a series of record highs in a surge investors dubbed the “Trump Rally”? Turn the clock back to late October and early November, […]

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  • Former J.P. Morgan rep barred for refusing to cooperate with FINRA investigation

    Bank Investment Consultant- FINRA has banished a former J.P. Morgan registered rep from the brokerage industry for failing to cooperate with an investigation into allegations that she misappropriated funds from a bank affiliated with J.P. Morgan Securities. Whitley Kiara Hood worked for J.P. Morgan in Chicago and was voluntarily terminated in April, according to a […]

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  • Consumer Financial Protection Bureau in jeopardy under Donald Trump

    Washington Times- The Consumer Financial Protection Bureau, the powerful five-year-old agency that President Obama hopes will be regulating businesses on behalf of consumers long after he leaves office, could be gutted and its director removed soon after President-elect Donald Trump is inaugurated in January. Despite a federal-court case over the independence of the CFPB director […]

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  • Trump to tap billionaire Wilbur Ross for Commerce secretary

    CNN Money- Billionaire investor Wilbur Ross is President-elect Donald Trump’s pick for Commerce secretary, two sources tell CNN. The nomination is expected to be rolled out as part of an economic team announcement on Wednesday, when Trump will likely name Steven Mnuchin as treasury secretary. The Cabinet-level position, which requires Senate confirmation, serves as the […]

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  • Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard

    Business Insider- As President-elect’s Donald Trump’s transition rolls on, more and more attention is being paid to possible selections for a variety of high-ranking positions and meetings that might help decide these appointments. On Monday, Trump will meet with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the […]

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  • Fed braces for Trump administration shake-up

    The Hill- The Federal Reserve could be in for a bumpy ride as resurgent Republicans led by President-elect Donald Trump look to make a big mark on the central bank. The right has grown increasingly irritated by the central bank’s policies since the financial crisis and may now be poised to finally push through long-stalled […]

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  • An $11 trillion commercial real estate bubble is ready to rock the economy

    Business Insider- Warnings about the loans, bonds, and commercial-mortgage-backed securities (CMBS) tied to the vast $11-trillion commercial property sector in the US have been hailing down for months. Moody’s Investor Services just warned about the rising delinquency rate of some $360 billion in CMBS it rates. Delinquencies of 60+ days jumped from 4.6% last year […]

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  • Shadow Inventory: More Houses Will Soon Be Available For Sale

    RiSMEdia- All signs point to an improved housing market — home values are up by about 30 percent since 2012, they’re selling faster, and overall demand is high. But this recovery has led to a dramatic decrease in the overall housing inventory. Fortunately, there might be some relief from the shortage in sight. The inventory […]

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  • A plea not to send watchdog to slaughter

    Detroit News- Ten years ago, bullies had taken over the playground. Financial service firms preyed on their customers with impunity: ■Lenders made expensive, risky mortgages to people who couldn’t afford to pay the money back. ■Credit card issuers foisted overpriced insurance and other add-on products on millions of unsuspecting customers. ■Credit bureaus ignored evidence submitted […]

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  • STEVEN MNUCHIN RAN A “FORECLOSURE MACHINE” AND OTHER FUN FACTS ABOUT TRUMP’S SHORTLIST FOR TREASURY

    Hiring a guy who foreclosed on 36,000 people may not jibe with Trump’s “I’m here for the little guy“ shtick. Vanity Fair- Who is Donald Trump going to name as his Treasury Secretary? He desperately wanted J.P. Morgan C.E.O. Jamie Dimon for the job, but then, shockingly, after being turned down, reportedly lost all respect […]

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  • Wells Fargo tries to kill fake account lawsuit

    Wells Fargo may be sounding a more friendly tone these days, but the big bank is still playing legal hard ball with victims in the fake account scandal. Wells Fargo (WFC) customers have opened a class action lawsuit against the bank over the opening of unauthorized accounts in their names. But Wells Fargo is trying […]

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  • Chart: Why Deregulation Will Be So Beneficial to JPMorgan Chase

    Rolling back the Dodd-Frank Act would free JPMorgan Chase up to invest its assets more profitably. The Motley Fool- If President-elect Donald Trump follows through on his promise to deregulate the bank industry by “dismantling” the Dodd-Frank Act, few banks would benefit as much as JPMorgan Chase(NYSE:JPM). There are a number of reasons for this, […]

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  • Feds Give Up Trying To Hold Bank Of America Accountable For Countrywide’s “Hustle” Mortgage Scam

    Consumerist- A nasty four-year legal battle between the Justice Department and Bank of America over a massive mortgage-related scam run by Countrywide Financial has come to a whimpering conclusion, with the DOJ opting to not appeal its most recent defeat in the case. Let’s take a quick spin back a decade to the final years […]

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  • Jamie Dimon himself called to urge support for the derivatives rule in the spending bill

    WaPO- The acrimony that erupted Thursday between President Obama and members of his own party largely pivoted on a single item in a 1,600-page piece of legislation to keep the government funded: Should banks be allowed to make risky investments using taxpayer-backed money? The very idea was abhorrent to many Democrats on Capitol Hill. And some […]

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  • Venezuela’s Maduro threatens legal action against JPMorgan

    Venezuelan President Nicolas Maduro on Tuesday ordered state oil company PDVSA to look into legal action against JPMorgan Chase & Co after the U.S. investment bank reported delays in $404 million in bond interest payments. PDVSA said on Monday it was using a 30-day grace period for coupon payments on its 2035 bond but that […]

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  • Wells Fargo accused of commencing foreclosure without a mortgage

    Penn Record- An individual is suing Wells Fargo U.S. Bank National Association as Trustee for the Structured Asset Investment Loan Trust Loan Trust, 2005-11, and Assurant, Inc., financial institution, citing alleged unjust enrichment. Michael Earl Davis filed a complaint on Nov. 17, in the U.S. District Court for the Eastern District of Pennsylvania against the […]

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  • Trump ‘doesn’t respect’ Jamie Dimon, not considering him for Treasury, source says

    CNBC- It’s probably safe to say that JPMorgan Chase CEO Jamie Dimon won’t be the treasury secretary after all. Wall Street has been abuzz for the past two weeks with speculation that the 60-year-old head of the largest U.S. bank by assets would run the Treasury Department for President-elect Donald Trump. CNBC reported on Nov. […]

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  • Citi and JP Morgan top regulators’ list of systemically important banks, as HSBC and Barclays move to lower tier

    City A.M- Citigroup has joined JP Morgan Chase as one of the world’s top two “systemically important banks”, according to an updated list published today by the Financial Stability Board (FSB). Banks in the top tier will have to hold 2.5 per cent of their assets as buffer capital in case of another crisis. This […]

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  • JPMorgan has clutch of CEO understudies

    The News- NEW YORK: JPMorgan Chase & Co is once again facing questions about who will succeed its larger-than-life chief executive after Jamie Dimon was courted by the incoming U.S. president for the role of Treasury secretary. Dimon, 60, has been running the largest U.S. bank for more than a decade and has faced questions […]

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  • OCC Statement Regarding Revocation of Relief to Wells Fargo Bank, N.A., from Certain Regulatory Consequences of Enforcement Actions

    November 18, 2016 Statement Regarding Revocation of Relief to Wells Fargo Bank, N.A., from Certain Regulatory Consequences of Enforcement Actions Pursuant to certain enforcement actions1 by the Office of the Comptroller of the Currency (OCC) against Wells Fargo Bank, N.A. (Bank), the OCC informed the Bank today that it has revoked provisions of the enforcement […]

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  • CIT Group Accused of Redlining and Violating Fair Housing Act

    CALREINVEST- CALIFORNIA REINVESTMENT COALITION AND FAIR HOUSING ADVOCATES OF NORTHERN CALIFORNIA FILE FAIR HOUSING COMPLAINT, URGING IMMEDIATE HUD INVESTIGATION INTO CIT GROUP’S ONEWEST BANK San Francisco, CA, Nov. 17, 2016—Yesterday, two nonprofit organizations formally filed a complaint requesting that the federal Department of Housing and Urban Development (HUD) investigate whether CIT Group violated and continues […]

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  • With Trump’s Treasury candidate come possible conflicts

    WaPO- A leading candidate to be ­President-elect Donald Trump’s treasury secretary was deeply involved in running a bank that has received $900 million in federal bailout money and that has been accused of discrimination — examples of the potentially thorny conflicts of interest that could plague Trump’s nascent administration. Steven T. Mnuchin was the finance […]

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  • Fed’s Kashkari Unveils His Plan to End Too-Big-to-Fail Banks

    Bloomberg- Federal Reserve Bank of Minneapolis President Neel Kashkari proposed a series of new rules for banks and non-bank lenders that he said would eliminate the threat posed by financial institutions whose failure could wreak havoc in the global markets. The plan centers on significantly increasing the capital cushion banks must hold to protect against […]

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  • OneWest Bank shut out nonwhite borrowers while owned by Steve Mnuchin-led group, advocates say

    LA TIMES- Two California advocacy groups have asked federal housing regulators to investigate Pasadena’s OneWest Bank over allegations that it discriminated against or failed to serve minority communities. The allegations lodged with the U.S. Department of Housing and Urban Development build on a multitude of earlier complaints against the bank. They come as former OneWest Chairman […]

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  • JPMorgan Chase Paying $264 Million to Settle FCPA Charges

    FOR IMMEDIATE RELEASE 2016-241 Washington D.C., Nov. 17, 2016 —The Securities and Exchange Commission today announced that JPMorgan Chase & Co. has agreed to pay more than $130 million to settle SEC charges that it won business from clients and corruptly influenced government officials in the Asia-Pacific region by giving jobs and internships to their […]

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  • Jamie Dimon Tells Donald Trump No Thanks

    FORTUNE- As J.P. Morgan Chase shares are dropping on the rumor. The Trump transition team’s draft-Dimon effort will need to look for a new pick. Fortune has learned that Jamie Dimon, CEO of J.P. Morgan Chase JPM 0.92% , has formally told the Trump transition team that he has no interest in being the next […]

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  • J.P. Morgan Will Reportedly Pay $250M to Settle China Hiring Allegations

    Fortune- Over hiring children of Chinese decision makers to win business. JPMorgan Chase will pay more than $250 million to settle allegations by the U.S. government that it had hired children of Chinese decision makers to win business, a source familiar with the matter told Reuters. The bank will pay roughly $200 million combined to […]

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  • Detroit Land Bank helps fight foreclosure

    Click on Detroit- Nearly 100 Detroit residents got a second chance to stay in their homes Wednesday through the Detroit Land Bank buyback program. The program helped homeowners who had lost their homes to foreclosure or renters who were at risk of eviction. The buyback program meant those families were back under their roof. LaTonya […]

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  • US foreclosure map predicts US battleground states map

    Boing Boing- Tom Adams, a lawyer and 20-year veteran of the securitization business, compares a map of America’s largest foreclosure inventories with a map of key battleground states. The Obama administration inherited a brutal housing crisis, which it fought in part by offering some mortgage relief to American householders, but that aid was dwarfed by […]

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  • JPMorgan CEO Dimon still part of Trump Treasury talk

    Reuters- Conflicting information on whether JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon could become U.S. Treasury secretary as part of President-elect Donald Trump’s Cabinet cast a cloud of uncertainty over the nation’s largest bank on Wednesday. Tweets from Fox Business News reporters on Wednesday were the latest indication that Dimon was still in […]

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  • Controversy Over Non-Judicial Foreclosures In Hawaii Leaves Title Insurers Wary About Insuring Title On Homes That Have Been Through Non-Court Supervised Process

    H/T Home Equity Theft West Hawaii Today- Foreclosed properties bought at auction often afford buyers a chance at a lucrative deal. But if you’ve purchased a property anywhere in Hawaii that’s been through a non-judicial foreclosure, you may have acquired considerably less than you bargained for — or potentially nothing at all. That’s because of several […]

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  • 2009: The year the Democratic Party died

    The Week- The Democratic Party has been obliterated. Hillary Clinton’s narrow loss to Donald Trump was the shock felt ’round the world, but there’s been an even deeper decline in the Democratic Party at the state and local level. The Obama administration has overseen the loss of roughly a tenth of the party’s Senate seats, […]

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  • Clatsop County is joining 11 other counties in a $50 million lawsuit against a private mortgage registry over recording fees.

    The Daily Astorian- Clatsop County is joining 11 other counties in a $50 million lawsuit against a private mortgage registry over recording fees. The lawsuit alleges that Mortgage Electronic Registration Systems, or MERS, owes the counties millions of dollars in unpaid fees. “We think we’re probably missing out on somewhere between $35,000 or $70,000 a […]

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  • NJ WOMAN’S ESTATE WINS BATTLE WITH MORTGAGE COMPANY AFTER DEATH

    Florence Block was an executive and mother of an autistic son; her battle with cancer contributed to financial problems NJ Spotlight- In what is good news for homeowners who are still trying to avoid foreclosure via mortgage modification, a federal judge ruled that a New Jersey borrower who fulfilled the terms for a trial modification […]

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  • Warren to President-Elect Trump: You Are Already Breaking Promises by Appointing Slew of Special Interests, Wall Street Elites, and Insiders to Transition Team

    NOV 15, 2016 Text of the letter available here (PDF) Washington, DC – United States Senator Elizabeth Warren today sent a letter to President-Elect Trump raising serious concerns about the special interest lobbyists, Wall Street bankers, and industry insiders who are staffing his transition team and who will shape the new administration. The senator wrote, […]

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  • JPMorgan, HSBC said to face EU antitrust fines over Euribor

    Chicago Tribune- JPMorgan Chase, HSBC Holdings and Credit Agricole are set to face antitrust fines as soon as next month over rigging the Euribor benchmark, wrapping up a five-year European Union investigation, according to two people familiar with the status of the case. EU regulators are making the final touches on a decision to fine […]

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  • A city’s unique way to make banks pay for the foreclosure crisis

    Miami is suing big banks for alleged discriminatory lending. Think Progress- The foreclosure crisis hit the country almost a decade ago, throwing millions of people from their homes, crashing the housing market, and destroying many city and state budgets in the process. While the banks that doled out the loans that caused the crisis have […]

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  • Donald Trump Win Helped Wells Fargo Stock Erase All Losses From Phony Accounts Scandal

    Fortune- After news of its phony accounts scandal broke in August, Wells Fargo’s stock got a long drag through the mud. But with expectations of a presidency that will be much friendlier to the financial industry, investors are finally beginning to show a little forgiveness. Shares of Wells Fargo wfc closed up 7.6% Thursday, to […]

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  • Mary Jo White to step down as SEC chief

    NYT- Wall Street regulators began an exodus from Washington on Monday as Mary Jo White, the chairwoman of the Securities and Exchange Commission, announced plans to leave the agency. The decision makes Ms. White, a former federal prosecutor who has served more than two decades in the federal government, the first major Obama administration appointee […]

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  • Feds fighting to keep Detroit demo subpoena private

    Detroit demolition program remains under federal investigation FREEP- The federal office investigating Detroit’s blight-removal program is fighting the release of its subpoena  of the Detroit Land Bank Authority, arguing that making the document public would compromise its criminal investigation. Christy Goldsmith Romero,  the special inspector general for the Office of the Special Inspector General for the Troubled Asset […]

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  • Fannie, Freddie surge as Trump taps advisors who back privatization

    Market Watch- Shares of Fannie Mae  and Freddie Mac have rallied this week as President-elect Donald Trump surrounds himself with advisors seen as sympathetic to shareholders of the two mortgage companies. Fannie FNMA, +7.27%  and Freddie FMCC, +6.18%  were placed into federal conservatorship during the 2008 financial crisis, and in 2012 the Obama administration amended […]

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  • NJ Court Finds that SOL Bars Residential Foreclosure Action

    NJ Law Journal- The Court sees no reason why acceleration would change the commencement of the limitations period from that date. Here, [the] maturity date stated on the Note and Mortgage is October 1, 1995. Applying the plain language of the limitations period described in subsection (a), an action to foreclose on the Mortgage is […]

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  • Taxpayers are still bailing out Wall Street, eight years later

    JPMorgan, which has more than $2 trillion in assets, says most of the money it receives through the program is passed on to investors and homeowners who receive incentives for paying their mortgages on time. WaPO- Eight-years after taxpayers rescued the U.S. financial system, some of the country’s largest banks, including JPMorgan Chase and Wells Fargo, continue […]

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  • How Letting Bankers Off the Hook May Have Tipped the Election

    NYT- There are many facets to the populist, anti-establishment anger that swept Donald J. Trump into the White House in Tuesday’s election. A crucial element fueling the rage, in my view, was this: Not one high-ranking executive at a major financial firm was held to account for the crisis of 2008. As millions of foreclosures […]

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  • $25K Quid Pro Quo! — Bondi says she’s ‘honored’ to serve Trump in ‘historic’ transition effort

    Politico- Florida Attorney General Pam Bondi, the only statewide elected Republican who endorsed Donald Trump before the state’s GOP primary, secured a spot Friday on the executive committee of the president-elect’s transition team. “I’m honored to serve President-elect Donald J. Trump in making this historic transition and assisting in finding the best individuals to bring […]

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  • Governor Cuomo Announces $28 Million Fine Levied Against PHH Mortgage Corporation for Shoddy Mortgage Origination and Servicing Practices

    Independent, Third-Party Auditor Will be Engaged to Identify and Deliver Restitution to Impacted Borrowers Governor Andrew M. Cuomo today announced that PHH Mortgage Corporation and its affiliate, PHH Home Loans LLC, will pay a $28 million fine and engage a third-party auditor as part of a consent order for violations of federal and New York […]

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  • Trash Out Sub-Contractor Gets One Month In Jail For Pilfering Murdered Couple’s Personal Belongings In Their Foreclosed Home

    Star Journal- A 39-year-old Kaukauna man, who was convicted by a jury in Oneida County Circuit Court on three counts of burglary and a felony theft charge for taking items last year from the town of Piehl residence where Thomas and Jennifer Ayers were killed, was sentenced Thursday to a month in jail. Judge Michael […]

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  • FINRA names former JPMorgan top lawyer to its board of governors

    Reuters- The Financial Industry Regulatory Authority named Stephen Cutler, vice chairman and former linchpin lawyer for JPMorgan Chase & Co (JPM.N), to its board of governors Thursday. He replaces Greg Fleming, Morgan Stanley’s (MS.N) last head of wealth management, who resigned from the board earlier this year. FINRA’s organizing rules require that the securities industry […]

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  • BREAKING: Trump advisers considering $JPMorgan CEO Dimon for Treasury post – sources

    CNBC- In the wake of Donald Trump’s upset victory, advisors have floated the idea of naming Jamie Dimon as treasury secretary, according to two people familiar with the matter, but one of them added that the JPMorgan chief has said he would not be interested in the role. A Trump spokesperson could not immediately be […]

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  • Kathleen C. Engel | Local Governments and Risky Home Loans ….I analyze the legal and regulatory problems municipalities encountered when they attempted to restrict high-risk mortgage loans and when they sought to recover for foreclosure blight

        Download This PaperOpen PDF in Browser   https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2864424 Local Governments and Risky Home Loans Kathleen C. Engel  Suffolk University Law School 2016 Southern Methodist University Law Review, Vol. 69, p. 609 (Forthcoming)  Suffolk University Law School Research Paper No. 16-12  Abstract:       Municipalities from the Central Valley in California to Upstate New York bear […]

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  • Read the Letter J.P Morgan Chase’s CEO Jamie Dimon Just Sent Employees on Trump Win

    Fortune– Message from Jamie Dimon Dear colleagues, We are going through a period of profound political and economic change around the world, and American citizens showed that deep desire for change in voting to elect Donald Trump as the 45th President of the United States. We have heard through democratic processes in both Europe and […]

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  • State’s highest court holds public hearing over foreclosure rule changes

    Denver Post- Colorado’s Supreme Court is considering changes to courtroom rules that would ensure consumers can better challenge a foreclosure before their homes can be taken. The court is holding a public hearing Thursday over changes to the state’s Rule 120 process, which gives homeowners the opportunity to contest a foreclosure by appearing in court, but is […]

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  • Donald Trump Thinks Jamie Dimon Is a Wimp

    Bloomberg View- Donald Trump is not known for being shy on any topic, let alone the topic of litigation. Generally speaking, the Donald prefers to fight his lawsuits, not settle them. And so, not surprisingly, he has a bone to pick with Jamie Dimon, the chairman and chief executive officer of JPMorgan Chase & Co., […]

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  • Zucker Goldberg Co-mingled Finances with Software Company, Examiner’s Report Says

    NJ LAW JOURNAL- An investigator’s report alleges that creditors owed money by bankrupt New Jersey foreclosure firm Zucker, Goldberg & Ackerman may have valid causes of action in connection with how the firm did business in recent years. In a report released late Tuesday, bankruptcy examiner Donald Steckroth delved into the Mountainside-based firm’s relationship with […]

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  • Supreme Court Probes Whether Miami Can Sue Banks Over Foreclosure Crisis

    MSN- Should Bank of America and Wells Fargo be on the hook for potentially billions of dollars in tax revenue Miami and other cities lost after property values plunged in minority neighborhoods due to shoddy lending practices and foreclosures? And if so, why can’t Miami sue for lost tourist revenue? Sales taxes? Why can’t the […]

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  • SEC Investigating Banks Over Possible Mishandling of ADRs

    Agency sent subpoenas to BNY Mellon, Citigroup, Deutsche Bank and J.P. Morgan Chase, sources say WSJ- The U.S. Securities and Exchange Commission is looking into whether big banks have been mishandling securities in the arcane but sizable market for American depositary receipts, according to people close to the investigation. The SEC has sent subpoenas to […]

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  • What voters are saying in this Florida city crushed by foreclosures

    CNBC- PORT ST. LUCIE, Fla. — At the Tradition community here, joggers share the sidewalks with skinny-legged cranes, young parents bring their toddlers to the town square to learn how to walk and the homes lining the pristine streets are selling for about half of what they did a decade ago. A young mother, who […]

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  • Jamie Dimon Remains Way Too Cool For Email

    DealBreaker- It’s a dangerous time to be doing the email, kids. You got to be careful out there, especially if you’re a noted master of finance. Like do you want to getting caught up in an email hack for sending and receiving messages about how bad your CTO’s butt looks in his new skinny Aquascutum […]

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  • Oregon Counties Announce $50M Lawsuit Against MERS

    NMP- Eleven Oregon counties are teaming up in a $50 million lawsuit that charges the Mortgage Electronic Registration Systems (MERS) with unpaid recording fees and circumvention of state law. According to a report in The Oregonian, the counties are following a lead set in 2012 by Oregon’s Multnomah County, which sued MERS under the argument […]

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  • Amy Howe, Argument preview: Justices to consider scope of Fair Housing Act, SCOTUSblog

    ScotusBlog- It sounds like a scene from “The Wire,” but with palm trees and swimming pools: Gangs run prostitution rings and criminals hide dead bodies in vacant houses. The illegal activities spill over into the rest of the neighborhood, leading to an overall increase in violent crime and stretching police officers and firefighters thin. Property […]

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  • Ruling In Florida Could Have Implications For All Mortgage Servicers

    Mortgage Orb- In a decision that could ultimately impact the entire mortgage servicing industry, the Florida Supreme Court ruled on Thursday that mortgage servicers may file new foreclosure actions against borrowers who won foreclosure cases more than five years ago, should the borrowers default again within five years of the first case’s dismissal. In effect, the […]

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  • Foreclosure Victims Say Donald Trump’s Economic Advisor Drove Them Out of Their Homes

    The Intercept- DENISE SUBRAMANIAM DOESN’T like to think of herself as homeless. A former software engineer, she has several chronic illnesses, including one known as multiple chemical sensitivity, which causes her to react to allergens and chemicals common in interior spaces. So this January, when LNV Corporation foreclosed on the Portland, Oregon, home she’d inhabited for […]

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  • California Senate Race Raises Mortgage Settlement

    NMP- The contentious race to fill the vacant U.S. Senate seat in California has taken a new turn as candidate Rep. Loretta Sanchez accused her rival, state Attorney General Kamala Harris, of bungling the $25 billion National Mortgage Settlement. According to a Los Angeles Times report, Sanchez’s campaign stated that Harris “failed to lead” when […]

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  • Like Clinton, Trump is getting Wall Street and special interest campaign cash

    NJ- WASHINGTON — Donald Trump charges Hillary Clinton with being in the pockets of special interests while relying on the same sources of donations. Just like Clinton, Trump is filling his campaign coffers in part with money from employees of companies that make millions of dollars in political action committee contributions and spend millions of dollars to lobby […]

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  • To recoup losses from the housing collapse, Miami pursues a novel suit

    WaPO- MIAMI — The housing collapse of 2008 nearly broke the city of Miami. Now, its leaders have embarked on a novel and aggressive legal strategy to recoup losses from the big banks they say created the crisis with discriminatory and predatory lending practices. It is a high-stakes effort that is being encouraged by many […]

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  • A.G. Schneiderman Announces $20 Million In New Funding For Land Banks To Support Communities Struggling From Foreclosure Crisis

    Funding Secured Through Schneiderman’s 2016 Settlements With Morgan Stanley, Goldman Sachs Over Misconduct That Contributed To Housing Crisis Requests For Funding Will Be Accepted From Eight New Land Banks Primarily In Rural Communities Upstate, Plus State’s Original 10 Land Banks  New Funding Comes As A.G. Report Finds New York’s Original 10 Land Banks Have Successfully […]

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  • Wells Fargo’s legal mess just got worse…Wells Fargo is also being investigated by the government over its mortgage tactics

    Money CNN- Wells Fargo is catching even more heat for alleged bad behavior, this time from the powerful SEC. The Securities and Exchange Commission’s investigation was revealed by Wells Fargo in a regulatory filing Thursday. It joins an increasingly-long list of government agencies probing Wells Fargo (WFC) for issues related to the creation of as […]

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  • Could States Tax MERS Out of Existence?

    New York State of Mind- On Halloween, the Supreme Court decided that it would not hear an appeal challenging the constitutionality of a Connecticut law which takes direct aim at the MERSCORP model. If you provide mortgages, there is a good chance that you benefit from the efficiencies brought about by the MERS system Connecticut […]

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  • 11 Oregon counties sue private mortgage registry MERS

    Oregon Live- Eleven Oregon counties are suing a mortgage-industry company that registers loan sales, circumventing public property records. The counties — Clackamas, Coos, Crook, Jackson, Josephine, Klamath, Lane, Linn, Marion, Washington and Yamhill — announced Thursday they have filed a $50 million lawsuit over unpaid recording fees since the lending industry created Mortgage Electronic Registration Systems, […]

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  • Florida Supreme Court decision will cause ‘new wave’ of foreclosures

    Florida Politics- When a mortgage foreclosure action gets dismissed by a Florida court, it resets the clock on the state’s five-year statute of limitations, the Supreme Court decided Thursday. That means the lender can try again to get paid, as long as it’s within the next five-year period and the borrower had started paying again […]

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  • Bank Told Couple NOT to Pay Mortgage While Refinancing. Then They Got a Letter That Ruined Their Lives

    IJR- When Elizabeth and David Ball fell onto financially hard times after David lost his job in 2014, they decided to undergo a home loan modification. Upon starting the process with CitiMortgage, Elizabeth clearly remembers asking how to proceed with the payments on their home. continue reading IJR

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  • Freddie Mac CEO: We’ll make crisis-era foreclosure preventions permanent

    Housing Wire- The CEO of Freddie Mac, Donald Layton, admitted to being in particularly good spirits this morning on a call with HousingWire. And he has every right to be. Freddie Mac just posted a great third quarter, with promise of a brighter future ahead. As part of its third-quarter filing, Freddie Mac declared it helped approximately 16,000 […]

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  • Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies

    Wonder if there is a list of all the debts that were extinguished out there? NYT- Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million […]

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  • Long Beach Jury Awards Woman $30.5 Million After Loan Leads to Foreclosure of Home

    KTLA- A Long Beach jury awarded a Los Angeles woman $30.5 million in damages on Friday after unclear loan resulted in the default and foreclosure of her home. Kacey Montoya reports for the KTLA 5 News at 10 on Nov. 1, 2016.

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  • Protecting Lenders from Environmental Liability for Foreclosed Properties

    …there are exemptions that protect lenders from liability for environmental conditions so long as certain requirements are met. JD Supra- Readers may recall an earlier blog post regarding a bank’s potential liability for damage to private property caused by a tree falling onto a neighbor’s property.  In addition to property damage from obvious unsafe conditions, […]

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  • Infographic: JP Morgan pays $31.78 billion in fines and other legal costs since 2009

    AND many, many more Billions in years to come! Roll your mouse over a color block below to see what fine they paid.   JPMorgan Shame Tracker | Infographics

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  • Wells Fargo agrees to $50M home loan settlement

      USA TODAY- Wells Fargo (WFC) Friday agreed to pay a $50 million settlement arising out of allegations the bank bilked roughly 250,000 homeowners by padding appraisal fees. The settlement, which still awaits approval by an Oakland, Calif. court, is centered around alleged appraisal markups the banks charged to homeowners who defaulted on mortgage loans. Homeowners […]

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  • MERS Petition on Fees Rebuffed by U.S. Supreme Court

    Bloomberg BNA- The U.S. Supreme Court let stand a Connecticut Supreme Court ruling requiring Mortgage Electronic Registration Systems Inc. (MERS) to pay higher recording fees in that state, opening the door for similar action by other states ( MERSCORP Holdings v. Malloy, U.S., No. 15-cv-01538, cert. den. 10/31/16 ). In February, the Connecticut court upheld […]

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  • Big Banks Tweak Business Plans to Avert New Regulator Costs

    WSJ- Five of the country’s biggest banks detailed tweaks to their business models in hopes of persuading regulators they could absorb significant financial distress without requiring taxpayer funds to stay afloat. The stakes are high for J.P. Morgan Chase & Co., Bank of America Corp., and three others. If regulators deem these revisions of their […]

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  • Securitization of Financial Assets: A Boon or Bane Under SARFAESI Act, 2002?

    Securitization of Financial Assets: A Boon or Bane Under SARFAESI Act, 2002? Salaka Ravi Independent October 24, 2016 The IUP Law Review, Vol. VI, No. 2, April 2016, pp. 43-53 Abstract: In India, after Nationalization, the banks, most of them in the public sector, became an important tool for the socioeconomic revolution in the society, […]

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  • Bank of America’s Relief for Mortgage Borrowers Is Questioned

    There was plenty of fanfare last August when Bank of America agreed to a record $16.7 billion settlement with the Justice Department over dubious mortgage practices. Prosecutors crowed about the deal, which required the bank to provide $7 billion of consumer relief — including such things as loan modifications — over the ensuing four years. But […]

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  • Ocwen facing CFPB investigation, potential fine for servicing practices

    Housing Wire- It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureauinvestigation into its servicing practices. That settlement, and others with the New York Department of Financial Services and the California Department of Business Oversight, are among the items that […]

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  • Backed by ‘Occupy’ activists, Loretta Sanchez criticizes Kamala Harris’ signature mortgage settlement

    LA Times- Orange County Rep. Loretta Sanchez’s campaign for the U.S. Senate lobbed a new attack at front-runner Kamala Harris on Wednesday, this time criticizing the landmark $25-billion national settlement Harris helped wrestle from the nation’s five largest mortgage firms. The settlement is one of the California attorney general’s biggest victories: A recent ad from Harris’ campaign featured President Obama praising the settlement. Sen. Elizabeth Warren […]

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  • U.S. Angered as Freddie Mac Auditor Settles Investor Suit

    Feds want deal undone. Fortune- It looks like some clever Freddie Mac shareholders may have actually got some of their money back, in compensation for the government’s effective nationalization of the mortgage finance giant in August 2012, which wiped out virtually all the value of their stock. The money—or whatever the investors got in a confidential […]

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  • SIGTARP REPORT | A PROPOSAL TO BRING ACCOUNTABILITY TO THE “INSULATED CEO” aka BANKERS

    LETTER FROM THE SPECIAL INSPECTOR GENERAL In an exciting time of presidential transition, the American people can count on SIGTARP to remain the same, as an independent watchdog and law enforcement agency. No one – Republican or Democrat – wants taxpayer money lost to crime or waste. No one wants those who break the law […]

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  • SIGTARP moves to hold top brass accountable for bad bank behavior

    Housing Wire- Former Wells Fargo CEO John Stumpf and other Wells Fargo executives could still facecriminal charges over how much the bank’s management knew about the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses. If Stumpf and other Wells Fargo execs end up […]

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  • Jamie Dimon Now Has 25 Billion More Reasons To Be With Her

    Deal Breaker- One potentially major snafu in this deal would perhaps occur in the first 100 days of the Trump Administration. According to the venal New York City-based contractor himself, any attempt by a massive telecom/media firm to merge with another massive media/entertainment firm would create a behemoth potentially unfair to the American consumer, and […]

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  • MORTGAGE MESS NEARLY COSTS LADY HER HOME

    ABC7NY- “I literally thought I was going to have a heart attack.” Paterson homeowner, Tana McPherson, couldn’t figure out why she was slapped with a tax lien on her condo, but there it was in black and white. “It’s shocking to get something in the mail like that especially when you work every day and […]

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  • Mortgage mistake nearly leads to foreclosure

    KMOV.com KMOV- A mortgage mistake nearly cost a St. Charles County woman her condo. Kathleen Rasmussen claims she paid Texas based Nationstar each month. “I don’t want to lose the roof over my head, I should not be in foreclosure.” Rasmussen provided News 4 with letters from Nationstar along with returned checks intended to pay […]

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  • Big U.S. Retail Bank Operations Under Scrutiny After Wells Scandal

    The Office of the Comptroller of the Currency sent formal letters to banks earlier this month WSJ- The Office of the Comptroller of the Currency earlier this month sent formal letters to large and regional banks seeking information about sales practices and incentive-compensation structures following the Wells Fargo & Co. scandal, people familiar with the […]

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  • Obama’s DOJ Funding Progressive Non-Profits | Peter Schweizer discusses new GAI report with Maria Bartiromo

    GAI President discloses some of the findings from GAI’s year long investigation into the ways the Obama Justice Department is funding progressive non-profits engaged in political activity

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  • DOJ Settlements | Peter Schweizer talks about new GAI report with Megyn Kelly

    GAI’s President discusses the new GAI report on how liberal non-profit groups were funded through DOJ settlements with financial institutions

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  • Moody’s says DoJ preparing complaint alleging rating violations

    Reuters- Moody’s Corp (MCO.N), parent of ratings agency Moody’s Investor Services, said on Friday the U.S. Justice Department was preparing a civil complaint against the company, alleging violations of federal law in the run-up to the financial crisis. The complaint alleges Moody’s violated the Financial Institutions Reform, Recovery and Enforcement Act while rating residential mortgage-backed […]

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  • Sales Tactic at Center of Wells Fargo Scandal Is Industry Standard

    Grow your book of business!! Morning Consult- The sales practices that led Wells Fargo & Co. to a massive fraud scandal are ingrained at other banks, analysts say. Cross-selling, the practice of encouraging customers to open multiple accounts, is common at big banks even though some, like Bank of America Corp., are distancing themselves from the sales culture behind […]

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  • FHA Paid Claims ($2.23 billion) for an Estimated 239,000 Properties That Servicers Did Not Foreclose Upon or Convey on Time

    DATE PUBLISHED: Friday, October 14, 2016 PUBLICATION/REPORT TYPE: Audit Reports REPORT NUMBER: 2017-KC-0001 PROGRAM AREA(S): Federal Housing Administration (FHA), Single Family Housing STATE: District of Columbia FUNDING:  SUMMARY: The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited HUD to determine whether it paid servicers’ claims for properties that did not […]

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  • Suit blames Wells Fargo foreclosure response for bankrupt law firm’s financial predicament on WF’s delay in correcting “robosigning” problems

    Aba Journal- A bankrupt New Jersey foreclosure law firm has filed a lawsuit blaming part of its financial predicament on Wells Fargo’s delay in correcting “robosigning” problems. The Oct. 14 suit (PDF) filed by Zucker, Goldberg & Ackerman claims Wells Fargo was slow to correct foreclosure procedures involving robosigning of documents and foreclosure notices that […]

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  • Australia | Banks ordered to review mortgage fraud

    The Australian- The banking regulator has ordered the major banks to have their fraud systems externally reviewed, amid concerns mortgages are being sold on inflated incomes and generous living expense assumptions. Appearing before the Senate Economics Legislation Committee, Australian Prudential Regulation Authority chairman Wayne Byres revealed the regulator had informed the “largest institutions” to get […]

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  • California launches criminal probe into Wells Fargo account scandal

    Reuters- The California Attorney General’s Office has launched a criminal investigation into Wells Fargo (WFC.N) over allegations it opened millions of unauthorized customer accounts and credit cards, according to a seizure warrant seen by Reuters. Attorney General Kamala Harris authorized a seizure warrant against the bank that seeks customer records and other documents, saying there […]

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  • Letter warned Wells Fargo of ‘widespread’ fraud in 2007

    Count On 2- Former Wells Fargo CEO, John Stumpf, told congress under oath that he was not notified of a serious fake account problem until 2013. However, CNNMoney has obtained a 2007 letter addressed to Stumpf that warned of widespread “unethical (and illegal) activity” inside Wells Fargo and the “routine deception and fraudulent exploitation of our […]

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  • Former Federal Investigator Says Government Didn’t Investigate Wells Fargo Whistleblower Cases

    NBC Bay Area- Six years ago, two Wells Fargo employees filed whistleblower complaints with the federal government. They sent their cases to the Department of Labor’s Whistleblower Protection Program, which is administered by the Occupational Health and Safety Administration. But an investigator who reviewed cases for the agency says no one actually investigated the complaints. […]

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  • Couple loses foreclosure battle, Bank had different set of books

    Different Set of Books!!! WFTV-9 An Apopka couple is being kicked out of their home after losing an eight-year foreclosure battle in court. The couple’s own records show they never missed making a mortgage payment, but their lender had a different set of books that showed otherwise. Action 9’s Todd Ulrich investigated how this happened, […]

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  • How Wall St. Regulation Pushed Up Libor, and Borrowing Costs

    NYT- Is there any significance to the fact that a short-term interest rate has nearly tripled in the last year, to 0.86 percent from 0.32 percent? The short answer, of course, is yes. But the more interesting answer involves what the change in the so-called three-month London Interbank Offered Rate, or Libor, says about the […]

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  • $25-billion foreclosure settlement was a victory for Kamala Harris in California, but it wasn’t perfect

    “It’s clear that they were writing off loans that were essentially dead,” said economist Laurie Goodman, co-director of the Urban Institute’s Housing Finance Policy Center. LA Times- State Atty. Gen. Kamala Harris was showered with applause at February’s California Democratic Party convention after spelling out how she went up against the nation’s five largest mortgage firms to help […]

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  • Ohio to suspend doing business with Wells Fargo

    AP- Ohio’s Republican Gov. John Kasich announced Friday that he was suspending Wells Fargo from doing business with state agencies, and excluding the bank from participating in any state bond offerings. Kasich’s announcement follows similar moves by the state treasurers of California and Illinois and the cities of Seattle and Chicago, which said earlier this […]

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  • Elizabeth Warren Wants President Obama to Fire His SEC Chair

    In an extraordinary letter, Warren highlighted several critical shortcomings at the Wall Street oversight agency.  For many months, Senator Elizabeth Warren has been castigating Securities and Exchange Commission chair Mary Jo White during hearings, media appearances, and in letters to the agency. Friday morning, Warren finally asked President Obama to replace her. In a strongly […]

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  • The Most Important WikiLeaks Revelation Isn’t About Hillary Clinton

    What John Podesta’s emails from 2008 reveal about the way power works in the Democratic Party. The most important revelation in the WikiLeaks dump of John Podesta’s emails has nothing to do with Hillary Clinton. The messages go all the way back to 2008, when Podesta served as co-chair of President-elect Barack Obama’s transition team. […]

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  • Graham Fisher & Co | JPMorgan: Out of Control Full Report

    Published with permission Joshua Rosner 646/652-6207 jrosner@graham-fisher.com JPMorgan Chase: Out of Control – Executive Summary In this report we will focus on the risk management and internal control environment at JPMorgan Chase, a bank whose balance sheet is almost one-ninth the size of the United States economy. JPMorgan’s financial filings, its “Task Force” investigation of […]

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  • Move Over WF … JPMorgan CFO says her bank has cross-selling issues as well

    Jamie Dimon himself predicted lawmakers would look into his bank as well. CNBC- JPMorgan CFO Marianne Lake said Friday that her bank is conducting a “deep dive” into potential cross-selling issues.  “I’ve found no systemic issues,” she said. Lake, however, explained that “it’s impossible to have zero defects,” acknowledging that there have been some instances of […]

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  • BREAKING! Wells Fargo CEO Stumpf retires effective immediately; Tim Sloan to take over

    CNBC- Wells Fargo said on Wednesday that Chairman and CEO John Stumpf will retire effective immediately in the wake of a sales practice scandal at the bank. The company’s board of directors elected President and Chief Operating Officer Tim Sloan to succeed him as CEO, while Lead Director Stephen Sanger will serve as the board’s […]

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  • Seattle leaders break ties with Wells Fargo after ‘reprehensible’ practices

    KUOW- The City of Seattle is breaking ties with Wells Fargo after revelations that the bank opened accounts nationwide without the knowledge of the account holders. Seattle city leaders were considering taking out a $100 million loan from Wells Fargo to cover a Seattle City Light bond. In a letter Friday, city leaders say they’re […]

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  • CIFG Wants Chance To Pursue $100M Bear Stearns CDO Suit

    Law360- CIFG Assurance North America Inc. told a New York state appeals court Tuesday that it should be allowed to make a case that it was acting as an insurer when it suffered more than $100 million in losses in a fraudulent collateralized debt obligations scheme by Bear Stearns, which J.P. Morgan Securities LLC acquired […]

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  • Religious investors lose faith in Wells Fargo after scandal

    Reuters- A group of nuns and other religiously-affiliated investors have lost faith in embattled Wells Fargo & Co and filed a shareholder resolution calling on the bank to report on the root causes of a fake accounts scandal that led to a $190 million settlement struck with regulators last month. The faith-based investors say they […]

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  • Hillary Should Ask Jamie Dimon What Kind of Genius Loses $6.2 Billion

    Excellent article by Wall Street on Parade- Yesterday, building on the momentum afforded her by a series of articles in the New York Times, Hillary Clinton asked the audience at a campaign stop in Toledo, Ohio: “What kind of genius loses a billion dollars in one year.” Clinton was referring to the New York Times […]

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  • Freddie Mac Sells $1 Billion of Seriously Delinquent Loans

    MCLEAN, VA–(Marketwired – Oct 5, 2016) –  Freddie Mac (OTCQB: FMCC) today announced it sold via auction 5,364 deeply delinquent non-performing loans (NPLs) from its mortgage-related investments portfolio. The loans are currently serviced by either Wells Fargo Bank, N.A. or Ditech Financial, LLC. The transaction is expected to settle in December 2016, and servicing will be […]

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  • Fannie Mae, Freddie Mac Investors Win Round Against Government

    Fortune – Government ordered to turn over thousands of documents. Investors challenging the legality of the government’s effective nationalization of Fannie Mae and Freddie Mac in August 2012 appear to be making some headway with at least one of the two key trial judges presiding over the sprawling, $130 billion litigation stemming from that event. […]

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  • Payday Loan Group Slapped With Record $1.3B Fine for 700 Percent Lending Rates

    NBC News- A federal judge in Nevada said professional racecar driver Scott Tucker and several of his companies owe $1.27 billion to the Federal Trade Commission after systematically deceiving payday lending customers about the cost of their loans. In one example, lending documents indicated that a customer who borrowed $500 would only have a finance […]

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  • Branch Banking & Trust Company Agrees to Pay $83 Million to Resolve Alleged False Claims Act Liability Arising from FHA-Insured Mortgage Lending

    FOR IMMEDIATE RELEASE Thursday, September 29, 2016 Branch Banking & Trust Company Agrees to Pay $83 Million to Resolve Alleged False Claims Act Liability Arising from FHA-Insured Mortgage Lending Branch Banking & Trust Company (BB&T) has agreed to pay the United States $83 million to resolve allegations that it violated the False Claims Act by […]

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  • Wells Fargo whistleblower Yesenia Guitron says she flagged fraud years ago

    CBS- Illinois is now the second state to punish Wells Fargo for its phony accounts scandal. On Monday the state joined California in suspending investment activitywith the bank for a year. Wells Fargo CEO John Stumpf has claimed he first heard about the creation of fake accounts in 2013, but only on “CBS This Morning,” one whistleblower […]

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  • Jamie Dimon on Wells Fargo: whenever a bank runs into trouble, lawmakers look into the policies of everyone else in the industry as well

    Business Insider- JPMorgan Chase CEO Jamie Dimon on Monday weighed in on the recent Wells Fargo scandal. In an interview with CNBC, Dimon said Wells Fargo CEO John Stumpf is a “quality human being,” so he wouldn’t comment extensively on the recent scandal involving the opening of 2 million credit and debit card accountswithout the […]

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  • MA Secretary Galvin Charges Morgan Stanley with Running Unethical Sales Contests to Cross Sell Banking Business to Brokerage Customers

    COMMONWEALTH OF MASSACHUSETTS OFFICE OF THE SECRETARY OF THE COMMONWEALTH SECURITIES DIVISION ONE ASHBURTON PLACE, ROOM 1701 BOSTON, MASSACHUSETTS 02108 IN THE MATTER OF: MORGAN STANLEY SMITH BARNEY LLC, RESPONDENT. Docket No. E-2016-0055 ADMINISTRATIVE COMPLAINT I. PRELIMINARY STATEMENT The Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth […]

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  • Strange Deaths of JPMorgan Workers Continue

    Wall Street on Parade- Last Thursday, September 22, 2016, the body of Ann Korkki, a Senior Administrative Assistant in the Wealth Management division of JPMorgan Chase in Denver, Colorado was found with the body of her sister, Robin Korkki, inside their luxury vacation villa at the Maia Resort on Seychelles, an island in the Indian […]

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  • DOJ Reaches $4 Million Settlement with Wells Fargo Dealer Services for Illegally Repossessing Servicemembers’ Cars

    FOR IMMEDIATE RELEASE Thursday, September 29, 2016 Justice Department Reaches $4 Million Settlement with Wells Fargo Dealer Services for Illegally Repossessing Servicemembers’ Cars The Justice Department announced today that Wells Fargo Bank N.A., doing business as Wells Fargo Dealer Services, has agreed to change its policies and pay over $4.1 million to resolve allegations that […]

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  • OCC Assesses $20M Penalty Against Wells Fargo; Orders Restitution for Violations of the Servicemembers Civil Relief Act

    NR 2016-119 FOR IMMEDIATE RELEASE September 29, 2016 Contact: Bryan Hubbard (202) 649-6870 OCC Assesses Penalty Against Wells Fargo; Orders Restitution for Violations of the Servicemembers Civil Relief Act WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $20 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank […]

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  • Italy’s Banks Look to an Unlikely Savior: Jamie Dimon

    It is no surprise that the Italians have turned to JPMC and Dimon to shift a half billion euros off their balance as they are experts in this fraud as outlined in loans sold to investors. WSJ- After repeated efforts to salvage Italy’s most troubled banks, the country’s government is leaning on an unlikely would-be […]

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  • California Suspends ‘Business Relationships’ With Wells Fargo

    Bloomberg – California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts. The suspension, in effect immediately, will remain in place for 12 months. A “permanent severance” will occur if […]

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  • Wells Fargo slammed with multiple lawsuits over fake accounts & bogus sales

    RT- Six former Wells Fargo employees filed a class action lawsuit in federal court against the bank claiming they were demoted or fired when they refused to participate in the bank’s illegal practices of opening fake accounts. The lawsuit is the just the latest of allegations surrounding fraudulent practices which have mostly revolved around the […]

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  • Wiping out housing’s ‘zombies’: Banks sell off foreclosed remnants of crash

    CNBC- Halloween isn’t here just yet, but the zombies are already multiplying by the thousand — zombie foreclosures. After having left the worst remnants of the housing crash in foreclosure limbo-land, banks are now taking those vacant, foreclosed homes and selling them at a fast clip. They are the so-called zombie foreclosures. The result is […]

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  • In Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses

    NYT- John Stumpf, the chairman and chief executive of Wells Fargo, won a dubious achievement award from one of his interrogators during Tuesday’s scorching hearings on Capitol Hill. The bank’s yearslong practice of opening bogus accounts for customers and charging fees to do so, said Senator Jon Tester, Democrat of Montana, had united the Senate […]

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  • Mortgage-servicer faces allegations of foreclosure fraud

    WMC Action News 5 – Memphis, Tennessee WMC Action News 5 – A Shelby County Circuit Court lawsuit and government records revealed a pattern of fraud allegations against mortgage-servicing company Nationstar Mortgage. The WMC Action News 5 Investigators launched an investigation of the Dallas-based mortgage-servicer after it foreclosed on the Cordova, Tennessee, home of Linda Howard. […]

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  • Surviving the Zombie [Foreclosure] Apocalypse

      JD SUPRA- Preparing For A World When Lis Pendens Protections Are All But Ober “BEWARE REAL PROPERTY LITIGATORS” warns a former chair of the Real Property, Probate and Trust Law Section of the Florida Bar. This advice, given in response to a new appellate ruling blunting the protections of Florida’s lis pendens statute, signals […]

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  • How Big Banks Dump Their Defaulted Mortgages

    The New York Times published an article discussing the ramifications of the Big Banks selling their non-performing mortgages to third parties like private equity funds before the financial crisis. Make no mistake about it, the Big Banks sold these loans to third parties so they would no longer have to properly serve nonperforming federally related […]

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  • Suit After Saddled With Bad Chase Mortgages

    A Florida man who bought defaulted home loans from J.P. Morgan Chase, then worked with borrowers to avoid foreclosure, sued the bank for allegedly saddling him with bad mortgages it needed to get off its books as the country’s housing crisis deepened. Laurence Schneider, of Boca Raton, filed the suit for punitive damages on Christmas […]

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  • Accused Whistle-Stealer Can’t Fight in Federal

    From the Courthouse News A man who says that a Florida lawyer exploited his insight to obtain an $18 million settlement for herself can sue for malpractice in state court, a federal judge ruled. Ignacio Figueroa had filed the complaint in Broward County, but the defendant lawyers later removed the case to the U.S. District […]

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  • Whistleblower Lynn Szymoniak, Accused Shyster

    In simple terms: If a client leads an attorney to a rabbit hole and that attorney, while in the rabbit hole, comes across buried treasure, the attorney has a fiduciary and ethical responsibility to hand it over to the client — at least the lion’s share. In this case however, Figueroa drew Szymoniak a map, […]

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  • Some of Lynn Szymoniak’s Millions May Belong to Someone Else

    Mandelman Matters Without question, the Lynn Szymoniak Story became the happiest ending to a foreclosure tale ever imagined… the sort of story that Frank Capra would have brought to the silver screen during the 1930s… the everywoman triumphing over seemingly insurmountable odds… from rags to riches. Like instead of “It’s a Wonderful Life,” perhaps: “Ms. […]

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